TFS Structured Products is part of the Tradition Group and benefits from its strong infrastructure. We operate from offices in London, Zurich, Paris and Monaco and are authorised and regulated in the UK by the Financial Conduct Authority (FCA).
Independence and Expertise
We are independent from any of the issuers we use to implement our products. Our independence is the key to an unbiased approach and means that our clients can rely on our expertise in derivatives and cross-asset capabilities to achieve their objectives.
Professionalism and Excellence
The success of our team has been built on long-term relationships and recurrent business. We pursue excellence in everything we do and thrive to consistently exceed our clients’ expectations.
Team work and Service
Each client has access to all of the team resources. We deliver outstanding service by working on tailor-made solutions and offering comprehensive secondary market follow-up and risk management tools.
Founder and Manager
Eric is an experienced derivatives professional with over 17 years’ experience in the City. He has built and runs the successful international team within TFS since 2003 and enjoys as much as ever working on the ground to develop new products and provide an excellent service to clients. Eric particularly enjoys using his expertise to coach his team, providing them with opportunities to develop and succeed.
Eric holds an MSc in Finance from Sorbonne University and an MSc in Financial Markets from Dauphine University.
Head of Quantitative Research and Structuring
Guillaume joined TFS Structured Products in 2007 and heads up our structuring team. Prior to joining TFS, he spent 4 years in Asia working for Mysis. Guillaume’s quantitative background enables him to translate effectively specific market opportunities into trade ideas that meet our clients’ investment and hedging needs. He regularly publishes our team’s research and enjoys running educational derivatives workshops.
Guillaume holds a “Diplôme d’Ingénieur” from “Ecole Centrale de Lyon”.
Stéphanie Mielnik, CFA
Quantitative Research and Structuring
Stephanie joined TFS Structured Products in 2017 and is part of the structuring team. Prior to joining TFS, she spent 8 years in Paris and London working for Natixis within the Quantitative Analysis and Structuring teams.
Stephanie holds a “Diplôme d’Ingénieur” from “HEI Lille”, a MSc from Skema Business School and is a CFA Charterholder.
Salvador Salias, CFA
Quantitative Research and Structuring
Salvador joined TFS Structured Products in 2013 and is part of the structuring team where he focuses on pricing, quantitative analysis and managing the secondary market. He previously worked at GAM within the quantitative services team for fixed income and FX hedge funds.
Salvador holds an MSc in Financial Engineering from Imperial College London.
Caroline started her career at TFS in 2007. Initially based in London, she moved to Switzerland in 2011 to set-up the Zürich office (operating under Tradition SA) which she has been running successfully since then. Caroline is passionate about client service and building our long-term presence in Switzerland.
Caroline holds an MSc in Financial Markets and Investment from SKEMA Business School.
Alexander Rennie, CFA
UK and MENA
Alexander started his career at TFS Structured Products in 2012. He has grown our presence in the UK and initiated our coverage of the MENA region and thus developed his expertise in specialist wrappers such as EIS or Sharia compliant vehicles. He enjoys building relationships and helping clients find derivative solutions that may not have previously been considered.
Alexander holds an MSc in Finance from Imperial College London.
Switzerland, Luxembourg and Monaco
Audrey joined TFS Structured Products in 2013, having started her career at Natixis. She has an expert knowledge of the wealth management industry and services family offices, independent asset managers and private banks in Switzerland, Luxembourg and Monaco.
Audrey graduated from Kedge Business School and also holds an MSc in Finance from Universidad Rey Juan Carlos and an MBA in Finance and Asset Management from ESLSCA.
Luxembourg and Switzerland
Bruno started his career at TFS Structured Products in 2014 and focuses on strengthening our presence in Luxembourg and Switzerland. He has a broad network of contacts thanks to his previous experience at Natixis Luxembourg and Banque Privée Edmond de Rothschild Europe.
Bruno holds a Masters degree in Financial Markets from HEC Montreal.
Romain joined TFS Structured Products in 2016 and draws on his experience whilst working in derivatives at BNP Paribas and hedge fund sales for a boutique in Paris. Romain enjoys challenging the status quo and brings strategy insight from the hedge fund industry. Romain is based in our Monaco office (operating under Carax).
Romain holds an MSc in Finance from Sorbonne University.
Germany, Austria and Switzerland
Alexander joined TFS Structured Products in 2017 and is based in London. His main focus is on expanding coverage in German-speaking countries. Prior to moving to the structured products area, he has worked in the derivatives valuation department of IHS Markit and KPMG Luxembourg.
Alexander holds a MSc in Banking and International Finance from CASS Business School.
Spain and France
Paul joined TFS Structured Products in 2018 following previous experiences in derivatives at various investment banks and boutiques in Paris and London. His focus is on expanding coverage of institutional clients in Spain and France. He enjoys building relationships and being challenged by his clients to come up with innovative solutions.
Paul holds an MSc in Finance from EDHEC Business School.
Bespoke Ideas tailored for our clients
These ideas are tailored to meet precisely the objectives and requirements of each client: risk / return, maturity, currency and secondary market behaviour are all considered.
We offer scenario analysis, back testing, stress-testing, mark-to-market simulations and clearly worded fact sheets to help our clients make sound and informed decisions.
Access to over 15 Issuers
Once fully calibrated, products are tendered to a pool of suitable issuers to determine optimal pricing conditions, and executed in accordance with our clients guidelines.
Products are securitised and settled through Euroclear or CREST. We trade as principal and have established relationships and credit lines with all major custodian banks.
Strong After Sales support
Secondary market and valuations
All our products benefit from secondary market liquidity under normal market conditions, with prices displayed on Bloomberg, Reuters, SIX-Telekurs and our website. Product valuations are checked for accuracy using LexiFi pricing models and in-house market parameters.
We offer a proactive follow-up of our products and monitor secondary market opportunities for our clients.
We have developed a suite of online reporting and risk management tools to enhance transparency and facilitate decision-making.
In our view, structured products should be considered as a vehicle for an investment strategy.
Our bespoke approach to structuring means we work on a vast array of strategies with our clients:
- Replication and market access
- Smart Beta
- Yield enhancement
- Relative value and market neutral strategies
- Capital protection and Hedging
- Quantitative and alternative strategies
All our products are securitised and transferable. They can therefore be dealt and settled like bonds and shares.
We use the issuance programmes of large financial institutions and have long standing relationships with over 15 issuers to ensure diversification. We can also offer collateralised solutions to mitigate the credit risk associated with financial issuers. The choice of issuance wrapper is important as it may impact investors (e.g. tax treatment). Depending on the strategy being implemented, products can be wrapped as:
- Medium Term Notes
- Preference Shares (EIS)
- Special Purpose Vehicles
- Sharia Compliant Vehicles
Products can be issued as either a private placement or a public offer. Listing on a recognised exchange is also available.
Minimum size required to issue a tailor-made product depends on the issuer, the payoff and the underlying. We will always advise on the appropriate size required to achieve competitive pricing conditions.
Most of our trade ideas can be packaged in funded or unfunded format.
In an unfunded trade (typically issued as a warrant), investors purchase solely the option or derivative component. The security will be issued at a fraction of face value (e.g. 5 or 10% of the notional exposure) and the cash amount required to implement the strategy is therefore reduced. Unfunded trades can be used as a portfolio overlay (hedging), to create synthetic exposure to an underlying, to implement leverage or for cash extraction purposes. Investors bear the issuer’s credit risk only on the value of the derivative.
Our structuring capabilities span all major asset classes