Providing capital protection

Market view by Robert Benson

At a structured products conference held in London earlier this year, a speaker from Bradford & Bingley, one of the UK’s biggest distributors of structured retail products, asked a simple question: “CPPI – is it a solution or a problem in waiting?”

At the time, the use of Constant Proportion Portfolio Insurance (CPPI) was just beginning to appear in the UK retail market. The most successful entrant at that time was Sterling Assurance, part of Zurich Financial Services, who had taken over £500 mil

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