Simply the best?

Best execution

Ryan Davidson

A retail fund distributor receives a call from an investment bank about a new structured fund it has just created. The product offers a full capital guarantee and uses a proprietary algorithm to go long those stocks from a selected universe with the best valuation and earnings momentum and short those with the worst outlook. There are also some fancy bells and whistles that lock in positive performance under certain circumstances. Before November 1, 2007, the distributor could - if