Royal Liver Investigates Option-Based CPPI

Royal Liver Asset Managers is looking to structure an open-ended investment fund with an overlay of rolling options to provide protection.

  • 17 Dec 2004
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Royal Liver Asset Managers is looking to structure an open-ended investment fund with an overlay of rolling options to provide protection. Adrian Bond, head of collective investments in Liverpool, U.K., said dissatisfaction with constant proportion portfolio insurance, a dynamic asset allocation method, is driving the innovation. The move is designed to eliminate the risk of all the assets in a fund being moved to risks-free investments if the target assets plummet.

The underlying strategy for the fund has not been chosen. Bond said Royal Liver is talking to banks about what assets will create the best volatility and participation levels for the option overlay. "We want a protected product with enough participation," said Bond.

One structurer noted this type of structure is common in other European countries, but CPPI has always been favored by U.K. managers. Retail fund managers in the U.K. are beginning to look for alternatives because of the complexity of the structure and concern over market timing issues (DW, 12/13).

  • 17 Dec 2004

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Jul 2017
1 Citi 253,106.92 930 8.89%
2 JPMorgan 230,914.50 1036 8.11%
3 Bank of America Merrill Lynch 221,389.46 762 7.78%
4 Goldman Sachs 171,499.26 554 6.03%
5 Barclays 169,046.60 646 5.94%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 25 Jul 2017
1 HSBC 27,039.93 106 7.36%
2 Deutsche Bank 25,125.19 81 6.84%
3 Bank of America Merrill Lynch 23,128.33 61 6.29%
4 BNP Paribas 19,315.94 110 5.26%
5 Credit Agricole CIB 18,706.93 106 5.09%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 25 Jul 2017
1 JPMorgan 13,488.13 59 8.47%
2 Citi 11,496.21 73 7.22%
3 UBS 11,302.86 45 7.09%
4 Morgan Stanley 10,864.95 59 6.82%
5 Goldman Sachs 10,434.21 54 6.55%