Recognize opportunities, manage risks

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  Serge Nussbaumer
  Chefredaktor

Mr Jenny, as we navigate through 2025, how would you describe the current economic market and the key drivers shaping its trajectory so far?

Geopolitical uncertainties continue to be a significant concern, especially with the recent tariffs announced by President Trump, which have substantially impacted investment markets. These tariffs have heightened fears of an economic downturn, leading to a market selloff. In the current market environment, it is crucial for investors to reassess their exposure and manage downside risk amidst heightened volatility.

Despite the challenges faced by investment markets, new opportunities could be emerging. With some sectors or countries being more affected by the tariffs than others, investors have the potential to strategically position themselves. Additionally, certain assets may present interesting entry points following the recent selloff and correction.

How has Barclays supported clients and distributors in adapting their investment strategies in response to these key drivers?

Barclays regularly reviews its product offerings, developing and adapting payoffs to align with evolving market conditions. We also leverage automation to ensure swift and efficient transaction execution. Our close collaboration with the Research team enhances investment strategies with relevant market insights. Additionally, our desk actively provides opportunistic trade ideas, enabling clients to capitalise on emerging trends and market dislocations.

How are investors in the Swiss market responding to the current economic challenges, and what strategic adjustments are they making to navigate these conditions?

The environment remains favourable for Structured Notes, with implied volatility higher than in recent months, benefiting the entire yield-enhancement business, which constitutes the bulk of traded volumes. The bullet payoffs remain attractive for thematic investments, enabling investors to express directional views, with the option for capital protection. Additionally, investors may hold specific views on the monetary policy trajectory of various central banks. Structured Notes provide an opportunity for them to lock in rates or generate yield based on these views. 

With Barclays’ expanding presence in Switzerland, what are your goals for the region, and what new initiatives can clients anticipate in the near future?

Barclays has a long-standing presence in the Swiss market, with well-established relationships on the distribution side. We continue to invest in automation and platform enhancements to improve efficiency, enabling clients to execute granular and bespoke flows seamlessly. Despite having a relatively small coverage team based in London and Zurich, we are actively expanding our client base. A key strategic focus for the firm is the institutional business, including pension funds, asset managers, and family offices. We have made significant investments in developing a complementary and robust QIS offering for sophisticated investors and collaborate closely with colleagues across asset classes to deepen engagement with these accounts.

Thank you!

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Florian Jenny, Managing Director, Equity Derivatives Sales (based in Zurich) at Barclays, is responsible for the EQD/Solutions distribution in Switzerland and the EQD Indirect Retail Franchise in Germany/Austria, Italy and the Middle East / Management Forum Switzerland. Florian joined Barclays in 2009 in the Investor Solutions Team and holds a degree in Business Administration from University of St. Gallen (HSG)