Barclays Capital
Barclays' cross-asset investments group has had an advantage over other firms this year as investors have favored commodities or currency-linked structures over more traditional equity-focused investments. Hassan Houari, head of structuring in London, has led development of a string of novel retail products. Distributors in particular praised Barclays' bespoke indices such as its Intelligent Carry Index, which enabled retail investors to access carry trade returns. Structured investments linked to its 'Investment Legends' fund--referencing funds run by Warren Buffett and Bill Gross, among others--were also a big seller this year.
BNP Paribas
The French house won favor with European and Asian distributors for its bespoke index-linked notes. Under Jean-Eric Pacini, head of structured products in London, the firm debuted a range of indices packaging algorithmic-driven investment strategies for retail investors. Theses changes include its Spectrum long/short index, which led to a series of market-neutral fixed income notes linked to this index being sold in the U.S. Also this year, the firm has put together structured investments designed to play on popular themes in the investing world such as socially responsible investing or energy and infrastructure-focused plays.
Credit Suisse
The Swiss bank has designed a slew of new structures for third-party distributors this year. In Asia Pacific, the firm designed a capital protected investment with returns linked to an emerging market infrastructure development fund, which was then sold to retail investors in the region by Macquarie Bank. In Europe and the U.S., additions to sales staff this year have given the firm the reputation of being one of the best on the Street when it comes to speed of pricing and execution of deals.
Lehman Brothers
Lehman ramped up its issuance this year and attracted investors by offering a range of income-paying and growth notes beyond traditional equity-linked structures. In the U.S., the firm, with Michael Rinaldi as the head of structured investments Americas sales, led others on the Street in bringing out currency and commodity-focused plays as investors lost interest in the reverse convertibles that had been a mainstay of the retail business in previous years. The firm also offered a string of emerging market-linked notes and boosted its sales staff for hybrid products globally.
SG Corporate & Investment Banking
The French house was named by distributors globally for its bespoke index products such as its SGI Alternative Beta, an index tracking the systematic risk exposure of a hedge funds universe. The firm's consistency in pricing as well as its innovation was noted. Distributors highlighted its Sharpe Ratio-linked structures as a novel capital-protected product that has been a success-story for the firm during the last year. These structures are designed to offer investors a return based on the Sharpe Ratio of baskets of funds.
