SRP Europe Awards Report 2021
SRP Europe Awards Report 2021 Editorial: Amélie Labbé, Pablo Conde and Marc Wolterink Data: Bilyana Yanakieva, Iveta Pekova and Gabriela Petrova If you are interested in having a similar bespoke report produced for your organisation, please contact Reihaneh Fakhari at +44 (0)20 7779 8220 or email reihaneh@structuredretailproducts.com
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SRP Europe Awards Report 2021
Structured Retail Products (SRP), part of the Euromoney group of companies, is a news, data and research company based in London, Hong Kong, Sofia and New York, providing research and training services related to all aspects of structured products.
This report is copyright © 2021 Structured Retail Products Limited. All rights reserved. Reproduction and distribution of this report in any form without prior written permission is strictly prohibited.
Indemnity
The information contained herein has been obtained from sources believed to be reliable. SRP disclaims all warranties as to the accuracy, completeness or adequacy of such information. Use of this report is at your sole risk and SRP accepts no responsibility for any problems or incidents arising from its use.
Acknowledgements
This report would not have been possible without the support of the structured products industry across Europe which participated in the survey during November 2020, and whose data underpins this report.
Manufacturer Awards
Copyright information
• It may not be sold for commercial gain, either in part or in its entirety. • It may not be photocopied or printed for multiple use, except within the organisation for which it was purchased. • It may not be distributed electronically or otherwise in a manner other than that described above.
Europe Summary
Founded in 2001, SRP also owns and maintains the specialist industry website StructuredRetailProducts.com. The site was launched in January 2003, and has become the leading online information resource for the global retail structured products industry. With over 3,000 registered users and 28 million product listings (as of February 2021), the website is the primary information source for a wide range of businesses involved in the manufacture and distribution of structured investment products globally.
Furthermore
Introduction
1.1 Introduction
Distributor Awards Awards Results Appendix
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SRP Europe Awards Report 2021
1.2 Scope Introduction
This report covers the manufacture and distribution of structured products in all forms – including wrappers such as funds, notes, bonds, certificates, deposits and life assurance – and usually linked to equities, foreign exchange, commodities, credit and interest rate underlyings.
Europe Summary
It presents information on structured retail products markets across Europe. For the purposes of this report, a structured product is an investment product which provides a predefined return linked to the price of one or more underlying assets. These are usually financial asset prices, rates or indices but, in rare cases, can be the outcome of sporting or other events.
Manufacturer Awards
The product can usually be broken down into a number of separate financial instruments, one of which is usually a derivative product. Where a derivative is not used, the product will use a derivatives-based investment strategy or computation to provide the return.
Although we exclude simple warrants, listed options and futures, and delta one products, such as tracker funds, exchange-traded funds and notes, reference to these products may be made where relevant. The report is based on a quantitative and qualitative analysis. SRP surveyed 606 structured products distributors across the European region in November 2020, collecting data on structured product manufacturers from the point of view of their distributor clients. The results from the survey form the basis of this report. Details of the quantitative and qualitative analyses are available in the Methodology section of this report.
The report provides the following information: 1. scope, methodology and management summary of the report’s main findings; 2. analysis of the structured products market in the European region based on survey responses; 3. separate analysis of the manufacturers by asset class; and 4. analysis of top distributors’ awards.
Distributor Awards Awards Results Appendix
3
SRP Europe Awards Report 2021
This includes votes cast by distributors that are part of banking groups that use their parent group for 100% of their activity and internal structuring desks. In addition, votes were not included in the survey where:
Part 1 - Quantitative
•P roviders voted for themselves. •S RP could not confirm the identity of the respondent. •A respondent voted more than once and SRP could not resolve the duplication.
In November 2020, SRP surveyed European structured products distributors, receiving 606 responses. The survey comprises three areas of investigation:
We asked respondents to the survey to specify up to three investment banks that they use for hedging purposes for each asset class in which they are, and to specify the volume of business for that asset class and the percentage split by bank.
Part 2 - Qualitative
• price competitiveness; • understanding client needs and aftersales support; and • innovation and structuring capability.
Captive votes and those representing internal transaction flows were excluded from the results.
Distributor Awards
Part 3 - Data validation
For the purpose of this report, the scores for each main service category for the individual banks are calculated by averaging. Service scores are, therefore, suggestive of the level of service that a client might expect to receive when working with an investment banking counterparty.
Manufacturer Awards
The respondents were then asked to rank the investment banks they dealt with for each asset class as 1, 2 or 3 (where 1 = below average, 2 = average and 3 = above average), according to three main service categories:
The survey results underpinned the 2021 European Structured Products Awards, which were handed out on 3 March 2021 during the 18th Annual Europe Structured Products & Derivatives Conference, the first to be held digitally.
Europe Summary
Description of the survey
Introduction
1.3 Methodology
Awards Results Appendix
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SRP Europe Awards Report 2021
2.2 Issuance and volumes between 2016-2019 Introduction
Outstanding - product issuance & sales volume 100,000
700
90,000
600
80,000
500
70,000 60,000
400
50,000
Europe Summary
300
40,000
200
30,000 20,000
100
10,000 -
End of 2017
End of 2018
End of 2019
Total volumes (US$bn) (LHS)
End of 2020
Total issues (RHS)
Manufacturer Awards
Market share by total sales in the period 2017-2020 100% 90% 80% 70% 60% 50%
Distributor Awards
40% 30% 20% 10% 0% 2017
2018 DACH
Italy
Iberia
2019
France
Benelux
CEE
UK & Ireland
2020 Nordics
Others
Awards Results
Market by total sales (US$bn) in the period 2017 - 2020 50 45 40 35 30 25
Appendix
20 15 10 5 0
DACH
Italy
Iberia
France 2017
Benelux 2018
2019
CEE 2020
UK&Ireland
Nordics
Others
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SRP Europe Awards Report 2021
What will the most popular payoffs in your market be over the next 12 months, and why?
Worst of option 8% Shark Fin 1%
Accrual 2%
Autocallable 47% Range 2%
Manufacturer Awards
Protected Tracker 5%
Europe Summary
Reverse Convertible 14%
Other 1% Dual Currency 2%
Digital 12%
Appendix
The accrual, dual currency and range structures, just as in last year’s responses, remain the least popular among the participants in the survey and even each one marks a decrease by one or two percent. On the other side the payoff which gained three times more votes this year in comparison with 2019 is the callable one preferred by six percent of the voters.
Awards Results
tracker structure was in third place with seven percent of the votes - but this year, it saw a slight drop, of two percent. In the actual survey the third place is occupied by the digital type of product which stands out with 12% of the participants’ votes. The product registered a 100% growth in popularity. The biggest part of them are chosen by the investors in the DACH region and Italy.
Distributor Awards
Callable 6%
It is expected there will be a slight drop in the number of autocallables in the next year, with the autocallable payoff structure ranked number one among future payoffs, according to 47% of the respondents that took part in the SRP European 2021 Awards Survey (59% in the 2020 results). The autocallable structure will be the most demanded by investors in Italy as well in the DACH region, France and UK. This type of payoff is usually combined with the reverse convertible, which came in second with 14% of the votes and with the worst of option which was chosen by eight percent of the participants as a favourite payoff. This is definitely a significant increase of the worst of option payoff compared to the last year’s data when only three percent of the survey respondents voted for it. In the results from 2019, the protected
Introduction
3.0 Trends & predictions
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SRP Europe Awards Report 2021
Introduction
Which of the following investment themes will be the most prominent over the next 12 months?
Proprietary/ Custom Indices 2%
Volatility - based investments 7%
Europe Summary
Other 1%
Credit 5%
Decrement indices 6%
Equity - Developed markets 20%
Manufacturer Awards
Evironmental Social Governance (ESG) 48%
Distributor Awards Awards Results
Environmental, social and governance (ESG) is the favourite investment theme for the next year with 48% of votes (compared to 29% in last year’s survey). ESG indices gained more popularity across Europe, primarily in the DACH region, France and UK in 2020. 20% of the survey respondents consider that the focus will primarily be on equity-developed markets in the next 12 months. This is a slight drop compared to last year’s results when 23% percent
Equity - Emerging Markets 11%
of the voters chose it. The third place is occupied by equity-emerging markets with 11%. The credit investment theme has lost some of its popularity and from being third in this category reaches the sixth position in this year’s vote. Six percent of the survey respondents selected decrement indices theme as a favourite one for the next year, an increase of two percent on last year’s results. It is favoured mainly by the Italian market. Proprietary & custom indices and volatility based investments saw a decrease in popularity compared to 2019.
Appendix
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SRP Europe Awards Report 2021
Introduction
4.0 Manufacturer awards Manufacturer awards are calculated on the basis of three factors: • annual sales as in SRP’s database in the year to the end of September 2020 (50% weighting); and • survey score with a 50% weighting. The survey score is based on the average rating across various criteria given to each contender by the survey respondents.
Europe Summary
Best House, Europe Market share by volume
Survey Average Score Amundi 5% BNP Paribas 6% Intesa Sanpaolo 7%
Société Générale
Intesa Sanpaolo
BNP Paribas
Amundi Société Générale 28%
0
UniCredit 6%
0.5
1
1.5
2
2.5
3
1
1.5
2
2.5
3
Market share by volume
Distributor Awards
Best House, Equity Survey Average Score Amundi 5% BNP Paribas 7% Intesa Sanpaolo 8%
Manufacturer Awards
Others 48%
UniCredit
UniCredit
Société Générale
Intesa Sanpaolo
Others 48%
Société Générale 26% UniCredit 6%
Amundi 0
0.5
Awards Results
BNP Paribas
Appendix
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SRP Europe Awards Report 2021
Best Institutional House Introduction
Survey Average Score
Market share by volume Belfius Bank 18%
Others 25%
UniCredit
Société Générale BNP Paribas 8% UniCredit 0%
Europe Summary
Mediobanca 5%
Mediobanca
BNP Paribas
Belfius Bank Société Générale 44%
0
0.5
Manufacturer Awards
1.5
2
2.5
3
1
1.5
2
2.5
3
1
1.5
2
2.5
3
Best House, Interest Rates Survey Average Score
Market share by volume BNP Paribas 21%
Others 40%
UniCredit
Société Générale Raiffeisen Centrobank
Distributor Awards Awards Results
1
Intesa Sanpaolo 15%
UniCredit 3% Société Générale 11%
Intesa Sanpaolo
BNP Paribas Raiffeisen Centrobank 10%
0
0.5
Best House, Autocall Survey Average Score
Market share by volume Amundi 10%
Société Générale BNP Paribas 11%
Appendix
Others 46%
Natixis 6% UniCredit 3%
UniCredit
Natixis
BNP Paribas
Amundi Société Générale 24%
0
0.5
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SRP Europe Awards Report 2021
Best House, ESG
Others 23%
Survey Average Score Barclays 8%
BNP Paribas 1% Credit Suisse 12%
Société Générale 4%
Introduction
Market share by volume
Société Générale
JP Morgan
Credit Suisse
Barclays JP Morgan 52%
0
0.5
1
1.5
2
2.5
3
Europe Summary
BNP Paribas
Manufacturer Awards Distributor Awards Awards Results Appendix
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SRP Europe Awards Report 2021
5.0 Distributor awards Introduction Europe Summary
The award for Best Distributor is based on the sales and performance data per product distributed by the buyside between 1 October 2019 and 30 September 2020. The strike date is relevant for best sales and the maturity date is relevant for best performance. Both results are amalgamated to go towards the best distributor award. Sales volume is the total actual sales invested rather than the notional amount, and performance is the annualised return an investor would have received with a buy-and-hold approach from the strike date until maturity for a product. Each product’s performance will be weighted according to its sales volume to give a weighted average performance of the distributor’s portfolio of maturing products for the period.
Best Distributor, Europe Outstanding - product issuance & sales volume
Sales volume & issuance
Manufacturer Awards
600
120,000
120
70,000
500
100,000
100
60,000
400
80,000
80
300
60,000
60
200
40,000
40
100
20,000
20
0
0
0 End of 2017
End of 2018
End of 2019
Total Volumes (US$bn) (LHS)
End of 2020
Total issues (RHS)
Distributor Awards
Top 5 distributors by sales (US$bn)
100% 80%
60%
60%
40%
40%
20%
20%
Awards Results
Intesa Sanpaolo
UniCredit Bank
Société Générale
30,000 20,000 10,000 2017
2018
2019
2020
0
Total issues (RHS)
Top 5 distributors by weighted-average performance (%)
80%
Amundi
40,000
Total Volumes (US$bn) (LHS)
100%
0%
50,000
Mediobanca
0%
Mediobanca
Amundi
Société Générale
UniCredit Bank
Intesa Sanpaolo
Appendix
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SRP Europe Awards Report 2021
Best Distributor, Capital-Protected
300
18,000 16,000
250
14,000
200
12,000 10,000
150
8,000
100
6,000
0
2,000 End of 2017
End of 2018
End of 2019
Total Volumes (US$bn) (LHS)
End of 2020
0
30
3,000
25
2,500
20
2,000
15
1,500
10
1,000
5
500
0
0 2017
Total issues (RHS)
2018
2019
Total Volumes (US$bn) (LHS)
2020 Total issues (RHS)
Top 5 distributors by weighted-average performance (%)
100%
100%
80%
80%
60%
60%
40%
40%
20%
20%
0%
0% Intesa Sanpaolo
UniCredit Bank
KBC
Belfius
Investec
Intesa Sanpaolo
Investec
Belfius
KBC
UniCredit Bank
Outstanding - product issuance & sales volume 300 250 200 150 100
0
End of 2017
End of 2018
End of 2019
Total Volumes (US$bn) (LHS)
End of 2020
70,000
80
60,000 60
50,000 40,000
40
30,000 20,000
20
10,000 0
Total issues (RHS)
2017
2018
2019
Total Volumes (US$bn) (LHS)
Total issues (RHS)
Top 5 distributors by weighted-average performance (%)
100%
100%
80%
80%
60%
60%
40%
40%
20%
20%
Amundi
Société Générale
BNP Paribas
Mediobanca
Exane Derivatives
0%
Appendix
Top 5 distributors by sales (US$bn)
0%
0
2020
Awards Results
50
100,000 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0
Sales volume & issuance
Distributor Awards
Best Distributor, Yield Enhancement
Manufacturer Awards
Top 5 distributors by sales (US$bn)
Europe Summary
4,000
50
Sales volume & issuance
Introduction
Outstanding - product issuance & sales volume
Mediobanca
Exane Derivatives
Amundi
Société Générale
BNP Paribas
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SRP Europe Awards Report 2021
Best Distributor, Benelux Introduction
Outstanding - product issuance & sales volume 100 80
6,000
10
2,500
5,000
8
2,000
6
1,500
4
1,000
2
500
4,000
60
3,000 40
2,000
20
1,000
Europe Summary
0
0 End of 2017
End of 2018
End of 2019
Total Volumes (US$bn) (LHS)
Sales volume & issuance
0
0 2017
End of 2020
Total issues (RHS)
2018
2019
Total Volumes (US$bn) (LHS)
2020 Total issues (RHS)
Manufacturer Awards
Top 5 distributors by sales (US$bn)
Top 5 distributors by weighted-average performance (%)
100%
100%
80%
80%
60%
60%
40%
40%
20%
20% 0%
0% KBC
Belfius
Deutsche Bank
Van Lanschot Bankiers
Van Lanschot Bankiers
Deutsche Bank
Belfius
KBC
Distributor Awards
Best Distributor, Eastern Europe Outstanding - product issuance & sales volume 20
4,500
15
4,000 3,500
2,000
4.5
1,500
3.0
1,000
1,000 500
1.5
500
0
0.0
2,500 2,000 1,500
5
Awards Results
6.0
3,000
10
Sales volume & issuance
0 End of 2017
End of 2018
End of 2019
Total Volumes (US$bn) (LHS)
End of 2020
Total issues (RHS)
2017
2018
2019
Total Volumes (US$bn) (LHS)
2020 Total issues (RHS)
Appendix
Top 5 distributors by sales (US$bn)
Top 5 distributors by weighted-average performance (%)
100%
100%
80%
80%
60%
60% 40%
40%
20%
20% 0%
0
0% Santander Bank Polska
Bank Millennium
KBC
UniCredit Bank
Erste Group Bank
UniCredit Bank
Erste Group Bank
KBC
Bank Millennium
Santander Bank Polska
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SRP Europe Awards Report 2021
Best Distributor, Germany & Austria
140
60,000
120
50,000
100
40,000
80
25
20,000
20
15,000
15
30,000
60
20,000
40
End of 2017
End of 2018
End of 2019
Total Volumes (US$bn) (LHS)
End of 2020
10,000 10
10,000
5
0
0
Total issues (RHS)
5,000
2017
2018
2019
Total Volumes (US$bn) (LHS)
2020 Total issues (RHS)
Top 5 distributors by weighted-average performance (%)
100%
100%
80%
80%
60%
60%
40%
40%
20%
20%
UniCredit Bank
DZ Bank
Credit Suisse
Bayerische Landesbank
Goldman Sachs
0% Bayerische Landesbank
Goldman Sachs
UniCredit Bank
DZ Bank
Credit Suisse
Outstanding - product issuance & sales volume 25 20
7,500
3.5
1,600
6,000
3.0
1,400
2.5
1,200
4,500
10
3,000
5
1,500
0
0 End of 2018
End of 2019
Total Volumes (US$bn) (LHS)
End of 2020
1,000
2.0
800
1.5
600
1.0
400
0.5
200
0.0
Total issues (RHS)
2017
2018
2019
Total Volumes (US$bn) (LHS)
2020 Total issues (RHS)
Top 5 distributors by weighted-average performance (%)
100%
100%
80%
80%
60%
60%
40%
40%
20%
20%
Garantum Fondkommission
Nordea
Alexandria Markets
OP Pohjola Group
Danske Bank
0%
Appendix
Top 5 distributors by sales (US$bn)
0%
0
Awards Results
15
End of 2017
Sales volume & issuance
Distributor Awards
Best Distributor, Nordics
Manufacturer Awards
Top 5 distributors by sales (US$bn)
0%
0
Europe Summary
20 0
Sales volume & issuance
Introduction
Outstanding - product issuance & sales volume
Alexandria Markets
OP Pohjola Group
Danske Bank
Garantum Fondkommission
Nordea
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SRP Europe Awards Report 2021
Best Distributor, UK & Ireland Introduction
Outstanding - product issuance & sales volume 30
3,500
25
3,000 2,500
20 15 10
1,500
2
Europe Summary
500
0
0
End of 2019
Total Volumes (US$bn) (LHS)
End of 2020
800 700
4 3
1,000
End of 2018
5
2,000
5 End of 2017
Sales volume & issuance
600 500 400 300 200
1 0
Total issues (RHS)
100 2017
2018
2019
Total Volumes (US$bn) (LHS)
Top 5 distributors by sales (US$bn)
2020
0
Total issues (RHS)
Top 5 distributors by weighted-average performance (%)
Manufacturer Awards
1
100%
0.8
80%
0.6
60%
0.4
40%
0.2
20% 0%
0 Investec
Meteor Asset Walker Crips Management Structured Investments
Mariana Capital Markets
Mariana Capital Markets
Société Générale
Walker Crips Structured Investments
Société Générale
Investec
Meteor Asset Management
Distributor Awards
Best Distributor, France Outstanding - product issuance & sales volume
Sales volume & issuance
100
5,000
80
4,000
60
3,000
12
40
2,000
8
20
1,000
4
0
0
20
2,000
16
1,500 1,000
Awards Results
0
End of 2017
End of 2018
End of 2019
Total Volumes (US$bn) (LHS)
End of 2020
500 0 2017
Total issues (RHS)
2018
2019
Total Volumes (US$bn) (LHS)
2020 Total issues (RHS)
Appendix
Top 5 distributors by sales (US$bn)
Top 5 distributors by weighted-average performance (%)
100%
100%
80%
80%
60%
60%
40%
40%
20%
20%
0%
Amundi
Société Générale
BNP Paribas
DS Investment Crédit Solutions Mutuel - CIC
0%
DS Investment Solutions
Société Générale
Crédit Mutuel - CIC
Amundi
BNP Paribas
15
SRP Europe Awards Report 2021
Best Distributor, Italy Sales volume & issuance
100
4,500
25
80
4,000 3,500
20
3,000
60
2,500 2,000
40
1,500
1,600
0
0
0
Total Volumes (US$bn) (LHS)
End of 2020
1,000 800 600 400 200 2017
Total issues (RHS)
2018
2019
Total Volumes (US$bn) (LHS)
Total issues (RHS)
Top 5 distributors by weighted-average performance (%)
100%
100%
80%
80%
60%
60%
40%
40%
20%
20% 0% Intesa Sanpaolo
Banca Mediolanum
Leonteq Securities
Mediobanca
Mediobanca
Exane Derivatives
Leonteq Securities
Exane Derivatives
Banca Mediolanum
Intesa Sanpaolo
Outstanding - product issuance & sales volume 35
Sales volume & issuance 25
50,000
40,000
20
40,000
20
30,000
15
30,000
15
20,000
10
20,000
10,000
5
10,000
0
0
25
10 5 0 End of 2017
End of 2018
End of 2019
Total Volumes (US$bn) (LHS)
End of 2020
Total issues (RHS)
Top 5 distributors by sales (US$bn)
2017
2018
2019
Total Volumes (US$bn) (LHS)
0
2020 Total issues (RHS)
Top 5 distributors by weighted-average performance (%)
Awards Results
50,000
30
Distributor Awards
Best Distributor, Switzerland
Manufacturer Awards
Top 5 distributors by sales (US$bn)
0%
0
2020
Europe Summary
5
End of 2019
1,200
10
1,000 500 End of 2018
1,400
15
20
End of 2017
1,800
Introduction
Outstanding - product issuance & sales volume
100% 80% 60%
100% 80%
20%
-20% -40% -60%
0%
-80% -100%
40%
Raiffeisen Switzerland Cooperative
UBS
Leonteq Securities
Bank Sarasin
Banque Cantonale Vaudoise
Appendix
40% 20% 0%
60%
Bank Sarasin
Landesbank BW
Banque Cantonale Vaudoise
UBS
Leonteq Securities
16
SRP Europe Awards Report 2021
6.0 Shortlists Introduction
6.1 Manufacturers
Europe Summary Manufacturer Awards
Best House, Europe Amundi BNP Paribas Intesa Sanpaolo Société Générale UniCredit Bank
Best House, Autocall Amundi BNP Paribas Natixis Société Générale UniCredit Bank
Best House, Interest Rates Belfius Bank BNP Paribas Mediobanca Société Générale UniCredit Bank
Best House, ESG BNP Paribas Intesa Sanpaolo Raiffeisen Centrobank Société Générale UniCredit Bank
Best House, Equities Amundi BNP Paribas Intesa Sanpaolo Société Générale UniCredit Bank
Best Institutional House Barclays BNP Paribas Credit Suisse J.P. Morgan Société Générale
Distributor Awards
6.2 Distributors
Awards Results Appendix
Best Distributor, Europe Amundi Intesa Sanpaolo Mediobanca Société Générale UniCredit Bank
Best Capital-Protected Distributor, Europe Belfius Intesa Sanpaolo Investec KBC UniCredit Bank
Best Private Bank, Europe BNL BNP Paribas Crédit Mutuel - CIC KBC Asset Management UniCredit Bank
Best Yield Enhancement Distributor, Europe Amundi BNP Paribas Exane Derivatives Mediobanca Société Générale
Best Performance, Europe Banca Mediolanum Exane Derivatives Irbis Finance Mediobanca DS Investment Solutions
Best Distributor, Benelux KBC Belfius Kempen
17
SRP Europe Awards Report 2021
Introduction
6.2 Distributors (continued)
Best Distributor, Germany & Austria Bayerische Landesbank Credit Suisse DZ Bank Goldman Sachs UniCredit Bank
Best Distributor, UK & Ireland Investec Mariana Capital Markets Meteor Asset Management Société Générale Walker Crips Structured Investments
6.3 Service Providers
Best Kids and Priips Provider Bloomberg Deloitte Fairmat LPA/Modelity WallstreetDocs
Best Pricing and Risk Analytics Provider Bloomberg LPA/Modelity Derivative Partners SIX Financial Information Thomson Reuters
6.4 Other Awards Deal of the Year Based on editorial submission
Index of the year Based on editorial submission
Best Technological Solution Based on editorial submission
Personality of the Year Will be announced at the Awards Ceremony
Appendix
Best Educational Initiative Based on editorial submission
Awards Results
Best Law Firm Allen & Overy Baker McKenzie Clifford Chance Hogan Lovells Linklaters Simmons & Simmons
Distributor Awards
Best Trade Association ACEPI (Italy) DDV (Germany) EUSIPA (Europe) SVSP (Switzerland) ZFA (Austria)
Manufacturer Awards
Best Distributor, Nordics Alexandria Markets Danske Bank Garantum Fondkommission Nordea OP Pohjola Group
Europe Summary
Best Distributor, Eastern Europe Erste Group Bank KBC Millenium BCP Santander UniCredit Bank
18
SRP Europe Awards Report 2021
Introduction
SRP Europe Personality of the Year 2021: Melania D’angelo Melania D’angelo (pictured), head of BG Certificate Hub, Banca Generali, is the recipient of this year’s SRP Europe Personality of the Year award, after securing the most votes from market participants in the SRP Europe 2021 survey.
Europe Summary Manufacturer Awards
D’angelo started her career in structured products at Credit Agricole CIB in 2004 before moving to Exane, where she was tasked with developing the structured products market in the Ticino region of Switzerland. After that, she became the head of sales cross asset solutions for Italy at the French group. D’angelo has been responsible for the BG Certificate Hub at Banca Generali since 2019.
Distributor Awards
“I was hired by Banca Generali to expand their activity in the structured products business,” D’angelo said. “In these two years, we have developed a division within Banca Generali that is fully devoted to supporting our network of private bankers in their activity with investment certificates, from placement in the primary market to all the operating activities in the secondary market.”
Awards Results
For now, the focus at Banca Generali is primarily on investment certificates - the bank currently has 165 products worth an estimated €800m live, according to the SRP Italy database. The structures are predominately linked to shares – either in a basket or as a single underlying – of which those of Intesa Sanpaolo, ENI, and Unicredit are the most frequently used.
Appendix
“We offer placements in the primary market to our network of private bankers, both via public offers and via tailor-made private placements,” said D’angelo, adding that Generali also offers a variety of supporting
activities and services in the secondary market. “[In the secondary market], we offer certificates portfolio analysis and performance optimisation, we launch trade ideas, and we propose for clients to switch to more efficient products,” she said. According to D’angelo, the most important event in the Italian structured products market has been the large-scale distribution of investment certificates with a monthly coupon, a structure that to this day is still one of the favourites of the Italian investor. “Not only did I witness that, but I was also part of it as a major promotor,” she said. When D’angelo arrived at Banca Generali she sensed there were huge opportunities for growth as the number of certificates launched by the bank was very small compared to other private banks in Italy. “Private bankers were only allowed to request certificates via private placements, with no further support, help or information provided,” she said. Generali then set up its strategy focusing on education and support to broaden the knowledge of its bankers and help them become familiar with such certificates. “Now that this goal has been achieved, we are moving on to other projects beyond the pure activity of placements in the primary market and expanding the range of products that we work with. However, the opportunities related to the educational and informational part of the business are still big, especially in the long term,” D’angelo said.
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SRP Europe Awards Report 2021
Generali does not target any investor in particular, but instead tries to offer tailormade solutions that best fit the risk/reward preferences of all its clients.
D’angelo sees the shift towards digitalisation as an opportunity rather than a threat.
“This is made possible by constantly keeping in touch with our private bankers and clients, by listening to their ideas and needs, and by trying to translate their requests in products that are the most efficient,” D’angelo concluded.
“Throughout my career I have tried to take advantage of technology to improve the results obtained and simplify the work for our bankers and clients,” she told SRP.
Awards Results Appendix
We pay a lot of attention to product innovation and to tailor-made solutions to answer our clients’ needs, and we design our offer to benefit the most from the prevailing market conditions”
Distributor Awards
“We started to build BG Certificates Hub by trying to digitalise both processes and all the information related to products placed in our network. We launched BG Certificate Dashboard, a platform available to our
Manufacturer Awards
“We pay a lot of attention to product innovation and to tailor-made solutions to answer our clients’ needs, and we design our offer to benefit the most from the prevailing market conditions. Our division provides a lot of post-placement support to our network of private bankers,” D’angelo said.
Europe Summary
bankers where they can find information about coupons, autocall events, and extraordinary events while starting from this month, we are giving all our bankers a tool they can use to price the most popular product structures themselves.”
Introduction
To distinguish itself from its competitors, Generali set up an open platform with many Italian and international issuers. The bank’s certificates are issued, among others, on the paper of Banca IMI, BNP Paribas, Goldman Sachs, Société Générale and Unicredit.
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SRP Europe Awards Report 2021
7.0 Awards Results Introduction
7.1 Manufacturers Awards
Europe Summary
Best House, Equity Société Générale
Best House, Europe Société Générale
Best Institutional House J.P. Morgan
Best House, Autocall Société Générale
Best House, ESG BNP Paribas
Best House, Interest Rates Société Générale
Manufacturer Awards
7.2 Distributor Awards
Distributor Awards
Awards Results
Best Distributor, Benelux KBC
Best Yield Enhancement Distributor, Europe Amundi
Best Distributor, Germany & Austria UniCredit Bank
Best Private Bank, Europe KBC Asset Management
Best Distributor, Europe Amundi
Best Capital-Protected Distributor, Europe Intesa Sanpaolo
Best Distributor, UK & Ireland Investec
Best Performance, Europe Mediobanca
Best Distributor, Nordics Alexandria Markets
Appendix
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SRP Europe Awards Report 2021
Introduction
7.3 Service Provider Awards
Best Pricing and Risk Analytics Provider Bloomberg
Best Trade Association Deutscher Derivate Verband (DDV)
Best Kids and Priips provider WallStreetDocs
Best Smart Beta Index Provider MSCI
Best Issuance platform BNP- Smart Derivatives
Best Structured Product and Derivatives Exchange The Swiss Stock Exchange
7.4 Other Awards Deal of the year Positive Impact Note on Solys Euro Evolution Fund (Société Générale)
Best Educational initiative ACEPI
Index of the year Euro iSTOXX Ambition Climat PAB Index (Stoxx/ Qontigo)
Awards Results
Best Structured Product Technological Solution Leonteq LYNQS
Distributor Awards
Personality of the year Melania D’ Angelo
Manufacturer Awards
Best Law Firm Simmons & Simmons Europe Summary
Best Index provider MSCI
Appendix
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SRP Europe Awards Report 2021
Introduction
7.5 Country Awards
Europe Summary Manufacturer Awards Distributor Awards
Awards Results Appendix
Austria Best Distributor Best Performance
UniCredit Bank Deutsche Bank
Norway Best Distributor Best Performance
Garantum Fondkommission Garantum Fondkommission
Belgium Best Distributor Best Performance
KBC Deutsche Bank
Poland Best Distributor Best Performance
Santander Bank Polska Bank Millennium
Czech Republic Best Distributor Best Performance
KBC UniCredit Bank
Portugal Best Distributor Best Performance
Novo Banco Banco Invest
Finland Best Distributor Best Performance
Alexandria Markets Alexandria Markets
Slovakia Best Distributor Best Performance
UniCredit Bank UniCredit Bank
France Best Distributor Best Performance
Amundi DS Investment Solutions
Spain Best Distributor Best Performance
Banco Sabadell Banco Sabadell
Germany Best Distributor Best Performance
UniCredit Bank UniCredit Bank
Sweden Best Distributor Best Performance
Garantum Fondkommission Handelsbanken
Hungary Best Distributor Best Performance
Erste Group Bank Erste Group Bank
Switzerland Best Distributor Best Performance
Bank Sarasin Bank Sarasin
Ireland Best Distributor
BCP Asset Management
The Netherlands Best Distributor Best Performance
Kempen BNP Paribas
Italy Best Distributor Best Performance
Mediobanca Mediobanca
United Kingdom Best Distributor Best Performance
Walker Crips Walker Crips
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SRP Europe Awards Report 2021
Introduction
8.0 Appendix Analysis of respondents Austria 5%
Others 8%
France 8%
Germany 11%
Europe Summary
UK 8%
Switzerland 19% Manufacturer Awards
Italy 35%
Poland 3%
Country
Number of Respondents
Austria
29
Poland
13
Bosnia and Herzegovina
3
Portugal
10
Bulgaria
2
Russia
2
Croatia
1
Slovakia
5
Czech Republic
9
Slovenia
1
Denmark
1
Spain
14
Finland
7
Sweden
3
France
50
Switzerland
117
Germany
63
The Netherlands
2
Hungary
5
UK
50
Italy
212
USA
1
Luxembourg
5
Total
606
Norway
1
Appendix
Number of Respondents
Awards Results
Country
Distributor Awards
Portugal 2%
Spain 2%
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