Open to question

Some structured product manufacturers are unhappy about certain private banks shutting out instruments developed by non-affiliated investment banks in favour of in-house products. Others say the current climate means keeping business close to home makes more sense than ever. Joe Marsh reports

Most private banks and wealth management departments claim to have an open approach, whereby they source the products they offer clients from a range of institutions. But few are fully open, and some don't even put up much pretence of adopting such an approach - which might not necessarily be a bad thing in today's turbulent market environment, say some.

The 'rule of thumb' regarding the relative openness of a private bank hinges on the relative strength of a financial institution's private