Structured products linked to equities have been fashioned to the prevailing market conditions and investor requirements. At the start of 2009, for instance, HSBC Private Bank saw very little interest in structured products beyond simple growth-type, equity-linked capital-protected structures.
But investor demand has changed since then, says David Rumsey, head of structured products at HSBC Private Bank in London. “Appetite for growth-type products has waned. Many investors see limited upside to