Losing lustre

Structured products


Accumulators were seen as the perfect product when global equity markets were upbeat. So long as stock prices remained relatively stable, investors in these notes could buy shares at a discount to the market price, securing themselves a healthy profit. But when equity markets started to tumble earlier this year, those same investors - predominantly private banking clients - found out the hard way there is no such thing as a free lunch.

The terms of accumulator products mean investors are committ

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