Editorial: In awe of funds

Richard Jory

The first structured products were all about raising large amounts of money from the retail public, lured by the promise of the return of their principal and the chance of a flutter on an index or stock. That was in the early 1990s, when some structured products issues were launched in Europe in massive volumes – sometimes measured in billions of euros.

Then came the arrival of competition from new product providers eager to attract cash from a retail investor base and hungry for the fees they c

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