UBS builds for the next phase of Asia's structured products growth

Asia's structured products market is entering a new phase. Demand is broadening beyond traditional flow products into quantitative investment strategies (QIS), actively managed certificates (AMCs) and increasingly sophisticated multi-asset solutions.

Volatility has become one of the defining characteristics of markets during both 2025 and 2026 - Winni Cheuk

At the same time, digital distribution, automation and artificial intelligence are reshaping how products are designed, issued and managed, while investors continue to seek differentiated investment outcomes in an environment defined by persistent market volatility.

Against this backdrop, UBS was recognised at the SRP Asia Pacific Awards 2026, winning Best Listed SP Issuer, Asia Pacific and Best House, US Equities. The awards reflect a business that has continued to expand across listed products, flow structured products, QIS and bespoke investment solutions while investing heavily in technology, automation and scalable infrastructure.

_{The UBS team at the SRP Asia Pacific 2026 Awards in Hong Kong on 24 June 2026}

The numbers illustrate that momentum. UBS says volumes in its flow structured products business have risen by almost 70% year-on-year in 2026, while more than US$800m in notional linked to its QIS strategies has been distributed across Hong Kong, Singapore, Taiwan, Malaysia and Thailand. Meanwhile, AMCs are moving beyond their traditional institutional investor base and gaining traction among private banking clients seeking access to specialist investment strategies.

Artificial intelligence has enormous potential across the structured products lifecycle - Jennifer Wong

For issuers across Asia, scalability is becoming just as important as innovation. As product ranges expand and investors become increasingly digital, technology platforms capable of automating issuance, lifecycle management and client engagement are emerging as a key competitive differentiator.

SRP spoke with Jennifer Wong, head of equity derivatives sales, Apac, and Winni Cheuk, head of sales, Apac public distribution, about the trends shaping the next phase of growth.

UBS received two awards at the SRP Asia Pacific Awards this year. What do those recognitions represent for the business?

Winni Cheuk (right): We are delighted to receive the Best Listed SP Issuer, Asia Pacific award. For us, it reflects years of consistent investment, execution and client commitment.

We've maintained liquidity and competitive pricing across a broad range of warrants and callable bull/bear contracts, even during periods of elevated volatility. Market quality has always been central to our role as an issuer.

We've also continued expanding the breadth of our listed products platform, covering Hong Kong equities, major international indices and an increasing range of underlying assets. In 2025, UBS ranked as the leading issuer in Hong Kong by combined net notional issuance across warrants and CBBCs, demonstrating both the scale of our platform and the confidence investors place in us.

Beyond listed products, where are you seeing the strongest growth across structured products?

Jennifer Wong (right): One of UBS's strengths is the breadth of our platform. Listed products remain an important part of the business, but we're also seeing exceptional momentum across flow structured products, bespoke solutions, QIS and AMCs.

Our flow structured products business has delivered close to 70% year-on-year growth in client volumes during the first half of 2026. That reflects both growing client demand and our continued investment in infrastructure, risk management and platform capabilities.

As the Asian structured products market continues to expand, scalability becomes increasingly important. We want to ensure our platform supports both UBS's own wealth management franchise and third-party distributors while continuing to deliver innovative investment solutions.

QIS and AMCs are becoming increasingly important across Asia. How do you see those markets evolving?

Jennifer Wong: QIS has become one of the fastest-growing areas of our business.

A good example is our collaboration with Professor Robert Engle, through which we've developed a family of volatility-targeted investment strategies. Those strategies have now attracted more than US$800m in notional across several Asian markets.

More broadly, we're seeing investors diversify beyond traditional equity exposure into systematic multi-asset strategies that can deliver different investment outcomes depending on market conditions.

AMCs are also becoming increasingly important. Historically they were largely institutional products, but private banking clients are now using them to access specialist investment strategies and markets that would otherwise be difficult to reach.

Within insurance we also see significant long-term opportunities as insurers increasingly incorporate systematic investment strategies into their product offerings.

What themes are driving investor demand across Asia today?

Winni Cheuk: US equities continue to attract significant investor interest. At the same time, we're seeing strong demand for semiconductor companies, artificial intelligence leaders and biotechnology names.

Volatility has become one of the defining characteristics of markets during both 2025 and 2026. While that creates uncertainty, it also generates opportunities for investors using leveraged listed products to express tactical market views.

Investor behaviour has also become much more active. Rather than holding products for extended periods, many investors are increasingly positioning around earnings announcements, policy decisions and other market events.

Digitalisation is another important trend. Investors now expect better analytics, easier access to market information and seamless digital trading experiences, all of which are influencing how issuers engage with clients.

Technology has become central to the structured products business. How are automation and artificial intelligence changing the market?

Winni Cheuk: Automation is now essential. Large issuers can issue thousands of listed products every year, making efficient issuance and market-making processes critical. We've invested heavily in automating workflows and improving operational controls to support future growth.

Innovation also extends into digital assets. Last year we completed Hong Kong's first tokenised warrant transaction with OSL Group for professional investors, demonstrating how new technologies can complement traditional structured products.

Jennifer Wong: Artificial intelligence has enormous potential across the structured products lifecycle.

Many operational processes that previously required manual intervention can now be automated. AI can also improve secondary market services, documentation and operational efficiency.

Equally important is the ability to analyse client behaviour. Better insights into whether investors are seeking yield enhancement, hedging solutions or higher-conviction investment ideas allow us to respond more effectively while improving the overall client experience.

How important is regulation in supporting the continued development of Asia's structured products market?

Jennifer Wong: Robust governance has always been fundamental to our business.

Whether we're discussing AMCs, QIS or other structured products, risk management remains central. We have comprehensive governance processes that review strategies across different jurisdictions to ensure they meet applicable regulatory requirements.

At the same time, we're encouraged by developments in ASEAN markets including Thailand and Malaysia, where regulatory frameworks are gradually becoming more flexible. Those markets represent attractive long-term opportunities as wealth continues to grow.

Winni Cheuk: We've also welcomed recent changes to Hong Kong's Listing Rules, which improve flexibility for issuers while maintaining transparency and investor protection.

Measures such as lower minimum issue prices should support greater product innovation, improved liquidity and wider investor choice, helping reinforce Hong Kong's competitiveness as a listed products market.

Looking ahead, what do you expect from the remainder of 2026?

Winni Cheuk: I'm optimistic about the outlook. Investors continue to value listed products as efficient tools for expressing market views, while product innovation and ongoing digital engagement should continue supporting market growth.

We're also excited by the opportunity to expand the range of underlying assets available to investors as markets continue to evolve.

Jennifer Wong: I expect volatility to remain one of the defining features of markets for the rest of the year.

For structured products, volatility creates opportunities for innovation and client engagement. Our focus will remain on building scalable platforms, investing in infrastructure, expanding our use of artificial intelligence and continuing to innovate across structured products, QIS, AMCs and listed products.

Ultimately, we believe long-term success will come from combining innovation with scale. As Asia's structured products market continues to mature, issuers will increasingly need the technology, distribution capabilities and structuring expertise to deliver sophisticated investment solutions efficiently across multiple client segments.

_{Image: Pawel-Wierzchowski/Adobe Stock}

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