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					 09.29.11                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Bloomberg Brief | stRuctuREd notEs                              5



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Deutsche Bank’s akshay prasad on Structured products in asia after lehman’s Demise
Akshay Prasad, vice president at                                                                                                                                                                                                                                                                       within portfolios has been reduced sig-                                                                                                                                                                                                                                             most clients. in the ultra high net worth
deutsche Bank Private wealth man-                                                                                                                                                                                                                                                                      nificantly, which has made sell-offs in the                                                                                                                                                                                                                                         segment, clients are very interested in the
agement in singapore, talks about how                                                                                                                                                                                                                                                                  markets less troublesome for a lot of clients.                                                                                                                                                                                                                                      market dislocation trades that are possible
the fallout from the Lehman Brothers                                                                                                                                                                                                                                                                   the majority of the structures sold after the                                                                                                                                                                                                                                       when there is a squeeze in the market.
Holdings Inc. bankruptcy affected the                                                                                                                                                                                                                                                                  crisis have been short-dated income-gen-
structured note market in asia and which                                                                                                                                                                                                                                                               erating structures with discounted strikes,                                                                                                                                                                                                                                         the Lehman minibonds default hurt the
products are most popular there. Prasad,                                                                                                                                                                                                                                                               as opposed to participation-type structures.                                                                                                                                                                                                                                        reputation of structured notes in Asia,
who provides wealth management advice                                                                                                                                                                                                                                                                  the market has also seen a significant shift                                                                                                                                                                                                                                        especially in Hong kong and Singapore.
to clients, conducted an e-mail interview                                                                                                                                                                                                                                                              towards fixed income and credit, with bonds                                                                                                                                                                                                                                         Are the effects still being felt?
with Benjamin Garvey.                                                                                                                                                                                                                                                                                  and credit-linked structures becoming fairly                                                                                                                                                                                                                                          yes, there is an increased focus on the
                                                                                                                                                                                                                                                                                                       popular, again sticking to the income-gener-                                                                                                                                                                                                                                        sales process today – even within private
How did you get involved with structured                                                                                                                                                                                                                                                               ating theme.                                                                                                                                                                                                                                                                        banking – because of both internal and
notes?                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     external regulators. through multiple pro-
                                                                                                                                                                                                                                                                                                       who are your clients and how do they                                                                                                                                                                                                                                                cesses, this has helped ensure clients are
  i started working with structured prod-                                                                                                                                                                                                                                                              use structured products?
ucts at Citi about six years ago. i moved                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  better informed of the risks and rewards of
                           .
to Deutsche Bank in 2007 the thought                                                                                                                                                                                                                                                                     our clients are high net worth and ultra                                                                                                                                                                                                                                          trades. overall it has made the process a lot
process behind derivatives appealed to                                                                                                                                                                                                                                                                 high net worth individuals who we are                                                                                                                                                                                                                                               more rigorous in terms of protecting clients.
me. it was quite clear at the time that in the                                                                                                                                                                                                                                                         allowed to deal with under the relevant                                                                                                                                                                                                                                             now more than ever, clients themselves are
wealth management business in asia there                                                                                                                                                                                                                                                               laws. Most clients use structured products                                                                                                                                                                                                                                          aware of the risks brought on by leverage.
was huge demand for products, and a lot of                                                                                                                                                                                                                                                             to generate yield or to take views in the mar-                                                                                                                                                                                                                                      and they better understand the need for
opportunity that clients could only access                                                                                                                                                                                                                                                             ket. However, the clients in the ultra high net                                                                                                                                                                                                                                     diversification across asset classes and
through the derivatives space.                                                                                                                                                                                                                                                                         worth segment also use the structures to                                                                                                                                                                                                                                            products.
                                                                                                                                                                                                                                                                                                       hedge risks from future cash flows and real
does the Asian structured note market                                                                                                                                                                                                                                                                  estate holdings, and to monetize market                                                                                                                                                                                                                                             what are the recent trends in the Asian
differ from those in the U.S. or Europe?                                                                                                                                                                                                                                                               dislocations.                                                                                                                                                                                                                                                                       structured note market?
  European clients tend to be more con-                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Post crisis, the business saw a shift toward
                                                                                                                                                                                                                                                                                                       what are some of the most popular                                                                                                                                                                                                                                                   income-generating structures. i think it will
servative on the payoffs, focusing more                                                                                                                                                                                                                                                                structures?
on wealth preservation. and they tend to                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   be this way for some time to come, given
be more comfortable with longer-duration                                                                                                                                                                                                                                                                 short-dated equity-linked notes, fixed-                                                                                                                                                                                                                                           current volatility, the issues in Europe, and
structures and managed products. in asia,                                                                                                                                                                                                                                                              coupon autocallables, currency-linked notes                                                                                                                                                                                                                                         growth concerns in the U.s.
clients tend to shy away from longer-dated                                                                                                                                                                                                                                                             to rebalance portfolio base currency risk,
structures, preferring to have the flexibility to                                                                                                                                                                                                                                                      credit-linked notes: these are popular with                                                                                                                                                                                                                                           This interview has been edited for length.
make decisions on an ongoing basis.

Are the structured products sold in Asia                                                                                                                                                                                                                                                               Akshay Prasad
today different from those sold before
the global financial crisis?                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    age: 30
  the financial crisis was a troubling time                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     previous experience: Citigroup inc
for all asset classes. there was a lot of risk
analysis and learning through the event. i                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      education: National university of singapore
think clients spend a lot more time analyz-
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Sports/Interests: running
ing the risk of trades. also, the leverage




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   Brief
Essential news & insight…                                                                                                                                                                                                                                                                                          Bloomberg                              Hedge Funds                                                                        03.29.11
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