US structured product distributors report mixed 2013
Retail banks across the US reported a disappointing year for CD sales, but private bank channel fared better with notes for high-net-worth clients
US retail banks sold fewer structured certificates of deposit (CDs) in 2013 than in the previous year, with products that carried juicier yields and paid higher sales commissions proving more popular with investors and brokers, said panellists at the Structured Investments Distribution conference in New York on March 10.
CD sales dipped in 2013 due to competition from indexed annuities and a "lack of fear" among investors who have grown accustomed to double-digit returns from buying US stocks
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