Investors turn to structured products for safety as stocks climb
Many investors see equities as fairly valued or even overvalued, boosting demand for structured products that offer protection or benefit from sideways markets
The number of portfolio managers who believe equity markets are overvalued is at its highest level since 2000, data shows, and investors are using structured products with generous downside protection to guard against what many see as a risk that markets will fall.
Seven per cent of fund managers say global equities are too expensive – the highest reading in the Bank of America Merrill Lynch (BAML) fund manager survey in nearly 15 years. The lion's share of that figure comes from managers' views
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