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Investec misses panel targets

Investec is offering a new tranche of structured products but has missed the mark for several adviser panels due to its credit rating.

The range includes the capital guaranteed FTSE100 income plan one, a deposit-based product covered under the Financial Services Compensation Scheme in the event of counterparty default.

All plans are underwritten by Investec Bank which was downgraded from Baa1 to Baa3 by Moody’s in March. Research by Structuredretailproducts.com reveals Investec issued 22.9 per cent of the UK structured product market in February.

Investec head of intermediary sales Gary Dale says the firm will review sales across its range and consolidate after December.

AWD Chase de Vere head of structured product and protection research Julie Smith says Investec has featured on its panel but adds: “They had a double downgrade from Moody’s so we would not consider them now.”

AWD has a minimum AA rating but will consider AA- on structured deposits up to £50,000. Truestone says its minimum is AA.

But Baronworth Investment Services director Colin Jackson says: “Investec has some very good and very clever products. They are doing issue after issue.”

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