Uncertain certificates

Structured funds


Certificates have long had a virtual stranglehold on the German structured products market. In fact, so dominant has the wrapper been, that both dealers and investors tend to use 'certificate' interchangeably with 'structured product'. This year, however, there has been a shift in the balance of power. Following a clampdown on their tax-exempt status by the German government last year, certificates are starting to lose their sheen. In their place, tax-aware investors are starting to turn to

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