Structured Products in Private Wealth Management
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1 Structured Products in Private Wealth Management Moscow 16 th June 2010 Risk & return Russia
2 Content Introduction to Lakeshore International Vision, Profile, Strengths & Services Definition of Structured Products Risks and chances with Structure Products Different investment solutions with Structure Products Portfolio structures with Derivative Instruments Questions and Answers 2
3 Lakeshore International Vision Our vision is to be an independent premium provider of comprehensive financial services to HNW and qualified institutional clientele around the globe. Our belief is that a thorough understanding of client needs, combined with well balanced and comprehensive services, a consultative approach, the experience and professionalism of quality employees and transparency are essential to the success of any investment advisory business. 3
4 Lakeshore International Profile Founded 2008 as a partnership (share capital CHF 1m) Independent Asset Manager (Member of Swiss Association of Asset Managers) Substantial investor in own funds Comprehensive services to HNWIs & Institutions Globally focused with considerable inroads into Eastern Europe, Russia & Asia Offices: Zurich, Moscow, (China planned) 20+ Staff 4
5 Lakeshore International - Strengths Flexible, solution driven, tailor-made approach, client focused Comprehensive & transparent Independent (partners, products etc.) Team has over 100 years combined experience in global financial markets In-depth local research with relevant industry experience Ongoing development of & investment in quality staff Global with strong regional focus 5
6 Lakeshore International Services Asset Management & Fund Management (LIBF & LISOF) Wealth Management (advisory, discretionary, asset allocation & portfolio construction, risk management & investment controlling) Family Office Services (fully understand the unique needs & aspirations of each family according to their history, tradition & values) 6
7 Definition of Structured Products A structured product is generally a pre-packaged investment strategy which is based on derivatives, such as a single security, a basket of securities, options, indices, commodities, debt issuances and/or foreign currencies, and to a lesser extent, swaps. They have arisen out of the significant product development within the financial industry over the last number of years & have acquired a strong position within international financial markets in the last 10 years. Structured products remain on real value as equities, bonds, indices or commodities. They offer an alternative to traditional investment solutions across the various asset classes / categories portfolio structures 7
8 Chances with Structure Products The investor can access new investment themes and markets The investor can secure positive returns in all market solutions, more investment opportunities than with traditional investments The investor can micro-manage investment risk 8
9 Chances with Structured Products Traditionally an investor is invested in one of the previously mentioned asset classes and would typically hold a long view. Structured products allow investors to participate in a non long way... They offer to the investor an attractive way to participate in markets with different risk profiles. Structured products are like the grains of sand on a beach there are endless solutions available to the investor dependant on their particular market view / investor profile. 9
10 Risks with Structure Products Structure products give you certain claims against the issuer, which is why issuer quality is so important. Risks vary depending on the type of product used by the investor. Some structure products are more suited to investors with a small appetite for risk, whereas others carry more risk. It is important to understand the risks involved with a specific product and its underlying, and that you discuss these with your client advisor your private banker. 10
11 Different investment solutions with Structured Products Structure Products can be used in all market situations. Different investors have different ideas for markets. In Switzerland on Scoach ( a rise of new issues of products since 2008 is shown. Currently more than products are listed. It is a jungle of products. How can the investor make a selection? 11
12 Types of Structured Products Leverage effect Participation Yield (example shown) Capital protection 12
13 Market Shares in Switzerland 7.60% 18.08% 9.85% 12.12% Market Shares 29.85% 22.50% Vontobel Zürcher Kantonalbank Deutsche Bank UBS Julius Bär Various Source: Derivative Partners AG 13
14 Example Reverse Convertible Single Reverse Convertible Example by Bank Vontobel AG Vontobel is one of the biggest player in the Swiss market of Structure Products 14
15 13 April 2007 Slide 15 Defender Vonti ( worst of structure) Your Investment Idea Above-average coupon payment Moderately positive or somewhat bearish market expectation Partial capital protection Our Solution Defender Vonti: Short Down-and-In Puts on an underlying, combined with parallel investment in the money market Benefit from high volatilities, the coupon will be paid in any event If the underlying reached the barrier, the underlying will be delivered at the expiry.
16 13 April 2007 Slide 16 Indicative terms for a Defender Vonti on GAZPROM ADR Indication as of 6th April, 2010 Underlying Gazprom ADR, price USD Maturity 1 Year Barrier 70 % Currency USD, minimum Size USD Coupon 12 % Issuer / Lead Manager Bank Vontobel Dubai / Bank Vontobel AG, Zürich Secondary Market Spread Maximal 1.00%* Listing Yes, if desired, otherwise Private Placement *Under normal market conditions
17 13 April 2007 Slide 17 Defender Vonti ( worst of structure) Settlement mode: If the underlying never reaches nor breaches the barrier between the issue date and the final fixing date, the notional will be paid back for each Defender Vonti independently of the underlying price at maturity. In addition, the coupon is paid out at maturity. If the underlying ever reaches or breaches the barrier between the issue date and the final fixing date, the following applies: 1. If the final fixing of the underlying is lower than the exercise price, the notional will be paid back for each Defender Vonti. In addition, the coupon is paid out at maturity. 2. If the final fixing of the underlying is lower than the exercise price, the number of underlying per Defender Vonti will be physically delivered for each Defender Vonti. In addition, the coupon is paid out at maturity.
18 Portfolio structures with Derivative Instruments The investor can structure the portfolio and all asset classes with Derivative Instruments: Cash/money market Bonds Equities Alternative instruments (such as: Commodities / Gold / Properties / Private Equities / Hedge Funds) 18
19 Portfolio structures with Derivative Instruments Cash/money market Money market products from different providers Futures and options, standard products listed on a exchange 19
20 Portfolio structures with Derivative Instruments Bonds Structured products from different providers with different risk profiles Futures and options, standard products listed on a exchange Exchange Traded Notes (ETN) 20
21 Portfolio structures with Derivative Instruments Equities ETF on Global indices Structure products as an Discount Certificate see Example and various products from different providers Traded options listed on a exchange 21
22 Portfolio structures with Derivative Instruments Alternative instruments Commodities / Gold/ Properties / Private Equities / Hedge Funds Tracker on various Commodities or Gold Exchange Traded Commodities (ETC) ETF on properties as an example the IShares on UK property 22
23 Profile Christoph Portmann, partner, member of the Board of Directors and member of the Executive Board Christoph Portmann has 19 years experience in advising international clientele in Wealth Management. Before joining Lakeshore International he headed up the Eastern European Private Banking team after joining Schroder & Co Bank AG, Zurich in Prior to this he was Head of Sales for Derivative & Structured Products for Bank Vontobel AG before he joined the Private Banking team in Christoph Portman is a qualified banker having graduated from the Swiss Banking School Executive Program in He is also an experienced trader in futures & options. Since 2000 he is in the foundation board of the pension fund of the city of Lucerne. 23
24 Contact Zurich Lakeshore International Management Inc Usteristr. 14, CH-8001 Zurich, Switzerland Telephone: Fax: Moscow LLC Lakeshore International Management Krasnaya Presnya Str. 24 Business-Center «Tropicana», 8 th floor Moscow, Russia Telephone: Fax: info@lakeshore-international.com 24
25 Disclaimer The entire content of this Lakeshore International Group presentation is protected by applicable copyright laws (all rights reserved). Any data of may be used only for personal but not for commercial use. Such use or printing of information contained in this presentation is only permissible with a clear indication of the source. While Lakeshore International Group has made every effort to ensure that the information in this presentation is correct at the time of publication, Lakeshore International Group does not make any representation or warranty (including liability to third parties) either expressly or by implication as to the accuracy, reliability or completeness of such information. This presentation is intended solely for information purposes and is subject to change at any time without prior notice. Any information or opinions expressed in this presentation do not constitute a solicitation, offer or recommendation to purchase or sell investment instruments, or to enter into any other transactions. Investment opinions and market assessments as expressed in sources in this presentation are subject to change at any time. Lakeshore International Group is not responsible for any change of investment considerations. We recommend that you consult your investment advisor before making any investment decision based on the consultation of the Lakeshore International Group presentation. Lakeshore International Group shall not be liable directly or indirectly for any loss or damage suffered as a result of the use of information published in this presentation. The information contained herein may be restricted by applicable local regulations at your domicile. The investment products and other services contained in this presentation are intended only for eligible investors (e.g. Qualified Investors ) or for existing clients of Lakeshore International Group. All information contained in this presentation shall be non-binding and for informational purposes only. No responsibility is assumed for the accuracy or completeness of the information. 25
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