If the offer is adapted to their requirements

Markets, the protection is the equivalent of the instinct of preservation of the species. An innate reflex, a penchant natural that have understood both the societies than banks. They exploit it by designing products, funds or bonds, that meet this overwhelming need for investors to preserve the value of their portfolio. It is now common with the emergence of the theory of portfolio insurance that a given to structured its conceptual backbone (read history page 05).

Most management companies, particularly large, it have RADIUS. And for good reason. It has become essential to players belonging to a banking network, because it is very requested by individuals especially in gloom and stock market correction phases. The market for the Fund to the general public is thus trusté by 5 groups (BNP Paribas, Credit Agricole, Caisses d'Epargne, La Poste and Société Générale) which consumes almost 80. This type of Fund represented a large part of the collection of "networks" on the shares during the black years after the collapse of the dot-com bubble.

Institutional: carrier segment

Structuredretailproducts estimates, sales of products structured to French individuals have evolved between 13.5 and 15 billion euros per year between 2003 and 2005. The pace slowed since with the rise of the stock market. This image of placement course is has not been too wounded by "case Benefic. However, see in a structured product complex, risky and therefore reserved for only sophisticated investors is a reflex still rooted in informed circles (see below).

If individuals remain the natural, and yet dominant market for structured and warranty management, institutional segment is also... If the offer is adapted to their requirements. They "want to increasingly active management of structured funds in which they invest", underscores Pierre Picard, responsible investment index and structured in BNP Paribas Asset Management.

Important issues

Apart from the structured funds has emerged a series of structured products, issued this time by the banks. Several reasons for this. "The decline in yields nominal bond at a lower level has led to solutions among others through the structuring and consisting of, for example, to transform a risk actions for performance or to buy tranches of structured debt", said Daniel Pirrotta, responsible for the development of the institutional clients of Exane.

Second, institutional investors have sought and found new instruments to manage their risks or optimize their it asset-liability management of the characteristics of these products (read the interview with Lionel Martellini page 04). Finally, "structured products also falls within the range of tools providing opportunities to capture, or even amplified, with a hedge or not, the effects of diversification (access to raw materials, alternative funds, indices of emerging countries...)", said Daniel Pirrotta.

The structured market illustrates the competition, each, or convergence, according to others, between the market halls and asset managers. Important issues for all both this sector seems to be promised to a marked rise. If he can avoid many pitfalls and through, as the excess of injurious complexity to its acceptance, and the absence of real strategic thinking of intermediaries on the real needs of investors.