SRP’s news desk reviews some of the most read stories from last week.
Escalating tensions in the Middle East between the US, Israel and Iran have had only limited impact on the performance of funds of structured products in March.
Our ambitions are primarily to grow further by achieving returns that remain attractive when adjusted for the risk taken - Jeroen Sinnige, MSF
The total net asset value (NAV) of the Market Stability Fund (MSF) for example exceeded €190m (US$$206 million) in March with the fund managers noting an increasing number of investors wishing to participate.
“Our ambitions are primarily to grow further by achieving returns that remain attractive when adjusted for the risk taken,” MSF’s Jeroen Sinnige told SRP.
Andrej Ogorevc, chief investment officer at Causeway Securities added that although periods of geopolitical uncertainty can create short-term noise, they often “reinforce the value of strategies designed to deliver more predictable outcomes” while Finanzlab’s Vincent Bonnard said that volatility spikes tend to create attractive entry points.
“Now that the fund has absorbed the volatility spike, the NAV should resume its upward trajectory,” he said.
The Paris judicial court has ruled against Leonteq, ordering the Swiss structured‑products specialist to compensate several claimants for losses linked to a series of EMTNs sold between 2013 and 2017.
The move comes after claimants had argued that EMTNs had been mis‑presented as bond‑like investments with guaranteed coupons and capital protection at maturity. The case was brought by a group of French investors including professional footballer Moussa Sissoko, formerly of Newcastle United and Tottenham Hotspur, who currently plies his trade at Panathinaikos in Greece.
The UK’s move from Priips to the more flexible CCI regime does not reduce complexity but shifts it from regulatory templates to underlying data quality and governance, according to Yann Bloch, product director investment reporting at NeoXam
BBVA partnered with Premialab to distribute and benchmark its quantitative investment strategies as part of a broader push to scale its QIS offering among institutional investors.
Products and market reviews
Banque Internationale à Luxembourg (BIL) collaborated with Leonteq for its first structured product targeted at Italian retail investors. The two-year express certificate is linked to the share of Unicredit and offers a potential coupon of one percent per month.
In Sweden, Strivo launched the Global Value tracker, marking a further step in its thematic and systematic AMC expansion with investor demand shifting back towards factor-based equity strategies.
Janus Henderson debuted two autocallable ETFs: Janus Henderson Equity Linked High Income ETF (JELH) and Janus Henderson Equity Linked Moderate Income ETF (JELM). Both were listed on Cboe BZX Exchange on 22 April.
An estimated PLN1.7 billion (US$470m) was collected from 52 structured products that were publicly offered on the Polish primary market in the first quarter of 2026, according to SRP data. Sales volumes were up by around 35% compared to the previous quarter; year-on-year (YoY) they increased by just over four percent.
Amundi made its first ever appearance as an issuer on the SRP Poland database while Morgan Stanley, which debuted in the final quarter of 2025, claimed more than 11% market share in Q1
A total of US$19 billion was booked in traded notional from approximately 6,250 products issued in the US during March – up 2.8% from February and a 41% increase YoY. Goldman Sachs was the number one issuer during the month, capturing a 21% share of the market, ahead of J.P. Morgan and Citi with 13% and 10%, respectively.
In Hong Kong SAR, over 6,700 equity-linked investments (ELIs) and 2,300 structured deposits were issued and sold to the city’s retail investors during March 2026 while in China both issuance and sales volumes picked up during the month following the typical seasonal dip over the Lunar New Year period.
Meanwhile, in Taiwan structured note issuances increased by 84% YoY to over 21,400 products in Q1 2026 as DBS continued to lead as the largest issuer ahead of UBS and HSBC. The top four most-featured underlyings in basket structures all came from semiconductor stocks, including Nvidia, Taiwan Semiconductor Manufacturing Company, Advanced Micro Devices and Broadcom.
People
The past week saw a flurry of activity on the people front which began with the appointment of Frank Drouet as chief executive officer (CEO) for Asia Pacific at Dutch proprietary trading firm Flow Traders. Previously, Drouet served as deputy head of global markets at Crédit Agricole and before that he was the global head of volatility trading, head of equities and derivatives Apac and head of global markets at Société Générale.
Hong Leong Bank Berhad’s Singapore branch hired former Oversea-Chinese Banking Corporation veteran Say Ping New as head of structured solutions as the bank is looking to issue structured products targeted at retail, private banking and corporate investors in Singapore as early as the next quarter.
Over in the US, Kunal Malhotra parted ways with UBS after leading its US retail structured note and exchange-traded note (ETP) businesses for eight years. Bryan Bondoc, a director covering the broker-dealer and registered investment advisor (RIA) channels in the distribution team, also departed from UBS, joining VegaShares to take the position of managing director, head of distribution in New York.
The third departure at UBS was that of Ramy El Majzoub who was appointed by Natixis as vice president, structured notes distribution. El Majzoub reports to Simon Sourigon, managing director, Americas head of global securities & financing.
Markets
Unicredit has launched seven ETFs under its Onemarkets platform for the first time in Europe, with listings across Xetra and Borsa Italiana. The initial range, which comprises four funds focusing on equities and three on bonds, was developed in partnership with BNP Paribas Asset Management.
Halo Investing formed a strategic collaboration with tech firm Ironlight to list structured notes on a public blockchain. As part of the partnership, structured notes will be priced and managed on the Halo platform, and tokenised issuances will be made available through Ironlight’s digital securities infrastructure.
Consulting and actuarial firm Milliman launched two ETFs – The Milliman Healthcare Inflation Guard ETF and the Milliman Healthcare Inflation Plus ETF – to address the rising cost of healthcare in the US.
Citic CLSA has joined the Swiss Structured Products Association (SSPA) as an issuer member. With this addition, SSPA's network now comprises 53 members spanning the entire value chain, including issuers, trading platforms, buy-side firms, brokers and service partners.
Image: Adobe Stock
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