The third quarter financial statements issued by SocGen and BNP Paribas underscore the ongoing rebirth of the structured products sector in France, after almost a year in the doldrums.
Société Générale reported a rebound during the third quarter in new client-driven structured products business, helping client-driven revenues in its equities business line reach €1bn.
BNP Paribas also highlighted a gradual return of individual investors to its structured products business. Investors are interested in new, less volatile and capital-guaranteed products, it said. The bank also reported strong demand from institutional investors and 'consolidated' volumes for its flow products. This helped bring equities and advisory revenues to €620m.
Whereas in June this year, BNP Paribas reported 15% of its asset under management business was placed in its alternative, structured and index-based category, this proportion had risen to 17% by September. Overall assets under management also increased from €249bn to €265bn over the same period.
Recently, Natixis Asset Management, which creates products for the Caisse d'Epargne and Banque Populaire networks, reported constant demand for structured products from its retail investors, and Casam, which creates products for the LCL and Crédit Agricole networks, also indicated that its latest structured products marketing push is faring well.