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Amid the elevated market volatility following US President Donald Trump’s initial policy decisions, investors are cautiously shifting back into risk-on mode but with selective positioning.
As of mid-2025, this guarded investment stance has sparked a V-shaped bounce in equities, especially in the technology sectors, with stocks like Nvidia and related AI ( artificial intelligence ) names continuing to hit record highs.
As a result, investors have continued to embrace structured products, such as AQDQ ( accumulator/decumulator strategies ), ELNs ( equity-linked notes ), auto-callables, and yield-enhancement products, which generally work well in rising or stable markets, especially when volatility is elevated, allowing market players to lock in high coupons or favourable strike prices.
This trend towards structured products follows the reversal of the risk-off sentiment, driven by inflation and geopolitical worries, in Q1 2024 into a risk-on mode that began in Q2 2024, which was fuelled by a strong uptrend in equities, particularly in US technology stocks.
In Q1 2025, this risk-on trend stalled in what some analysts referred to as a “start-stop” rotation as the initial optimism gave way to caution following Trump 2.0, then partially rebounded as the market adjusted to the US leader’s start-delay tariff policy that temporarily shifted market sentiment back to risk-on, but left a lingering policy overhang that keeps investors on edge.
In any case, before the rebound, the equity market floundered, with the S&P 500 dropping by 15%-20% in April from its highs in February, triggering knock-in events across AQDQ and auto-callables, converting investor capital into underperforming stocks.
Trump’s “Liberation Day” speech rattled the markets from April 2-4, with the sell-off driving outflows from structured yield products.
However, the market saw a temporary return to risk-on from April 9-10, with investors in structured products returning to the market following Trump’s announcement of a 90‑day pause on country-specific tariff hikes.
In Q1 2025, volatility-shaped portfolios with principal-protected products, such as those with Sharkfin structures, experienced a spike in demand.
The market's recovery by June reinforced confidence in AI-driven uptrends – though the policy window remains uncertain.
In any case, structured products were in greater demand as investors sought yield, principal protection, and customization in a volatile and policy-sensitive market.
Structured products that provide an upside on AI and tech stocks, as well as principal-protected conservative strategies, continue to be popular among investors as they offer a greater form of diversification compared to traditional asset classes.
It is in this context that The Asset is recognizing the best-performing structured products and product providers as part of Investment Solutions Awards of The Triple A Private Capital Awards for Private Banks, Wealth & Investment Bank Advisers, Solutions and Index Providers 2025.
Equity
In equity, BNP Paribas Wealth Management ( BNPP WM ) launched three structured products that performed very well for investors during this period, particularly:
Citi Private Bank launched the Fixed Coupon Note ( FCN ) with Outperformance Bonus Coupon, a structured yield product that pays regular fixed coupons and offers an additional bonus coupon if the underlying asset performs strongly.
FX
In FX, BNP Paribas Wealth Management launched the GBPUSD Resettable Double No-Touch Note, a structured FX product designed to generate enhanced yield based on the behaviour of the GBP/USD exchange rate, while incorporating a resettable range-bound payoff structure.
PT Bank HSBC Indonesia launched the FX Swap-Linked Deposit, a structured deposit product that offers a higher return than traditional time deposits by leveraging an FX swap mechanism between two currencies, typically IDR and a major foreign currency.
Rates
CIMB Malaysia launched the Callable Inverse Floater, a structured interest rate note that offers enhanced fixed income returns when interest rates remain low or fall, with an embedded issuer call option.
Commodities
In commodities, BNP Paribas Wealth Management launched Commodity-Linked Investment, a structured product that offers exposure to a specific commodity ( e.g., gold and silver ) while providing customized risk-return features.
CIMB Thai launched the Bullish Sharkfin Note linked to GLD UQ, a structured investment product tied to the performance of GLD UQ ( the SPDR Gold Shares ETF ), designed for investors with a moderately bullish view on gold.
BNP Paribas Wealth Management
BNP Paribas Wealth Management ( BNPP WM ) is recognized as the Best Bank for Investment Solutions for all asset classes, including:
Best Bank for Investment Solutions, Asia
Best Bank for Investment Solutions, Equity – Asia
Best Bank for Investment Solutions, Credit – Asia
Best Bank for Investment Solutions, FX – Asia
Best Bank for Investment Solutions, Commodities – Asia
BNP Paribas Wealth Management stood out in auto-callables, AQDQ, ELNs, Sharkfin notes, and FX- and commodity-linked investments across Asia as the bank rapidly adjusted to the 2024-2025 market regime from AI-driven rallies to Q1 2025 volatility post-Trump tariff risk.
BNPP WM launched risk-adjusted structures ( e.g., Rainbow Sharkfin, Bearish Sharkfin with Early Redemption ) to match evolving client sentiment – especially after knock-in events in Q1 2025.
It’s thematic solutions also tapped into regional demand such as AI equities, China recovery plays, and de-dollarization-linked baskets.
J.P. Morgan Private Bank
Best Bank for Investment Solutions, Alternatives
J.P. Morgan Private Bank wins Best Bank for Investment Solutions, Alternatives as it stands out for delivering end-to-end alternative investment access, combining global scale, elite sourcing, deep structuring capabilities, and client-centric solutions, making it a clear leader in the alternatives space.
CIMB
Best Bank for Investment Solutions, Malaysia
Best Bank for Investment Solutions, Credit – Malaysia
Best Bank for Investment Solutions, FX – Malaysia
Best Bank for Investment Solutions, Commodities – Malaysia
Best Bank for Investment Solutions, Rates – Malaysia
CIMB continued to be the dominant issuer within the Malaysian wealth investment solutions space with continuous take-up of flow structures referencing to FX, equity, credit, rates and commodities helping raked in monthly flow volumes while the thematic tranche structures were launched as a result of constant communication between investors and sales and distribution/structuring teams.
Sales performance over the period was driven primarily by strong volumes in commodities and FX investment solutions, particularly in April and July 2024, reflecting investor demand for safe-haven assets and currency-linked yield opportunities amid the evolving macroeconomic conditions.
It also developed barrier-enhanced yield notes for cautious investors and callable step-up notes for rate-sensitive portfolios as well products for both short-term tactical plays and longer-term portfolio anchoring.
Maybank Investment Bank
Best Bank for Investment Solutions, Equity - Malaysia
Maybank Investment Bank ( Maybank IB ) is the dominant provider for equity-linked solutions in Malaysia, particularly in structuring dual-currency ELNs, auto-callables, and equity-linked notes tied to both local and global equities ( e.g., FBMKLCI, S&P 500, AI-driven stocks like Nvidia ).
The bank delivered consistent innovation, such as outperformance bonus coupons, target redemption forward notes, and barrier range accrual equity structures.
In the early 2024 AI-driven rally, Maybank IB capitalized with momentum-linked ELNs, and during the Q1 2025 correction, it quickly pivoted to capital-protected equity notes, Sharkfin structures with upside caps and downside protection, and one-year buffered equity strategies for tactical plays.
CIMB Niaga
Best Bank fort Investment Solutions, FX – Indonesia
Best Bank for Investment Solutions, Rates – Indonesia
CIMB Niaga remains the market leader in FX-linked investments, providing its investors with customization for local currency and demonstrating its ability to bridge yield enhancement with risk control in a volatile global environment.
The bank responded effectively to market volatility by launching range-bound and capital-protected FX notes, adjusting strike and reset levels based on real-time market developments, and helping clients lock in yield without directional FX bets.
In rates, CIMB Niaga led the market with IDR and USD structured deposits tailored to local investor expectations. It launched callable fixed-income notes, inverse floaters, and step-up coupons for those expecting interest rate reversals.
CIMB Thai
Best Bank for Investment Solutions, Thailand
Best Bank for Investment Solutions, Equity – Thailand
Best Bank for Investment Solutions, Commodity – Thailand
Best Bank for Investment Solutions, Rates – Thailand
CIMB Thai distinguished itself by offering market-responsive, cross-asset structured products that matched Thai investors' appetite for equity growth, gold safety, and rate-linked income, supported by its strong structuring capabilities, regional strength, and client-centric design.
In equity, it offered Bullish Sharkfin Notes linked to global equities like GLD UQ ( gold ETF ), AI stocks, and sector-specific baskets, as well as customized auto-callables and ELNs with Thai-friendly tenors, barrier levels, and coupon profiles.
In commodities, CIMB Thai offered strong execution in gold-linked notes, capitalizing on Thai retail and HNW interest in precious metals, as well as structured multi-asset notes blending gold, oil, and industrial metals into Rainbow Sharkfins and range accruals.
In rates, the bank also launched well-designed inverse floaters and capped floater notes as rates peaked in 2024, and issued principal-protected fixed income alternatives with attractive rate-linked enhancements for conservative clients.
CTBC
Best Bank for Investment Solutions, Taiwan
Best Bank for Investment Solutions, Equity – Taiwan
Best Bank for Investment Solutions, FX – Taiwan
Best Bank for Investment Solutions, Commodities– Taiwan
Best Bank for Investment Solutions, Rates – Taiwan
CTBC Bank is recognized for its market-leading innovation, client responsiveness, and best local execution across all major asset classes, as well as for consistently providing customized, high-yield, and risk-managed structured solutions tailored to Taiwanese investors’ preferences in a turbulent global market.
In equities, CTBC expanded the ELN issuance platform to overseas entities and is the only bank in Taiwan to issue both onshore and offshore structured notes.
In FX, CTBC is the only Taiwanese bank that is able to warehouse long-term USDJPY FX option structures; has qualified as the CFETS trial FX spot market maker since 2021; and became the CFETS trial FX Forward-Swap market maker in March 2025.
In commodities, CTBC is the only Taiwanese bank that is capable of warehousing the commodity derivatives, and structuring commodity derivatives to accommodate international clients’ business needs.
In rates, CTBC is the first Taiwanese bank to act as the hedge arranger for loan syndication and the first in the market to offer TONA IRS ( Tokyo Overnight Average Rate Interest Rate Swap ) to onshore clients as hedging solution to its syndicated loan. It is also the first Taiwanese bank to offer THB/TWD cross-currency swaps ( CCS ) and non-deliverable USD/CNH CCS.
SCB Thai
Best Bank for Investment Solutions, FX – Thailand
In FX, SCB Thai ( Siam Commercial Bank ) continues to reinforce its market-leading position in dual currency investment ( DCI ), serving as a yield-enhancement solution for clients aiming to accumulate USD through tactical FX exposure.
SCB Thai led the market in DCIs in THB/USD, THB/JPY, and THB/CNH FX-linked structured deposits with customized yield enhancement features. Its range accrual and no-touch FX options offered attractive payouts when volatility was well-managed. It also became the first and only bank in Thailand to introduce FX target redemption notes ( TARN ) to the wealth segment.
BBVA
Best Bank for Investment Solutions, Multi-asset – Asia, Rising Star
BBVA’s rapid growth is well illustrated by its product volumes in Asia, which have surged by 330% from the previous year. Over the past 12 months, BBVA has expanded into rate-linked, FX-linked and credit-linked structured products and has already made significant market share gains.
For the complete list of Best Banks for Investment Solutions, please click here.
For more information about the awards, please contact us at celebrate@theasset.com
