Canada’s Pro-Financial puts structured products distribution on hold

Date: Tuesday, July 3, 2007
Author: Structuredproductsonline.com

Canada’s fund manager Pro-Financial has stopped offering principal protected notes (PPNs) to investment dealers, according to Ravi Ramaswamy, senior vice-president at Pro-Financial in Toronto.

Ravi says that Pro-Financial would focus on distributing more traditional investments such as open-ended funds rather than closed-ended structured notes, although did not say he would never offer PPNs again. “We still have a few products that have been closed,” he says. “But we won’t be offering any new products at this point.”

Pro-Financial has offered PPNs issued by BNP Paribas and Societe Generale, including notes linked to commodities and equities. Its most recent offering was launched in January this year.

Source: Structured Products News