The new non-banking issuer and index provider aims at providing a full issuance, repack and infrastructure service to the structured products market
UK-regulated Cirdan Capital Management has become the first non-credit institution in Europe to issue and list its own structured product as well as launching a series of third party managers on its exchange traded notes (ETN) platform.
Cirdan follows new regulations closely and has been approved as a benchmark administrator which means that the company’s indices can be referenced by anyone in Europe and used as underlyings for structured and other index-linked investments. Cirdan is the nineteenth firm in Europe to receive this approval.
“We want to be the top service provider in the structured investment market whether its calculating indices, providing issuance infrastructure to issuers or repackaging existing investments into more accessible instruments,” said Antonio DeNegri (pictured), Cirdan’s chief executive.
In response to increasing demand and understanding the desire for more ESG products, Cirdan will allow investors in its indices to vote on corporate action, said DeNegri. “Cirdan will become the first issuer of structured product to facilitate corporate action voting,” he said.
The company has launched a German-listed bonus certificate on Intesa Sanpaolo as well as a number of actively managed certificates, which allow asset managers to distribute their investment strategies in an efficient way.
Cirdan has also launched two investable indices developed by the firm’s own quantitative developers. One of which is a market neutral strategy which profits from the opportunities that arise when closed-end funds are trading below their NAV and the other one is composed of a basket of Italian small and mid-cap stocks.
The London-based firm has also been repacking a number of funds into structured certificates to allow private clients to access previously inaccessible and illiquid funds.
Cirdan aims to facilitate the access to renowned investment funds and plans to launch a range of actively managed certificates (AMCs) in the coming weeks. The firm is also supporting a number of managers and private banks to distribute original strategies, using the listed certificates markets.