Most people have never heard of a structured note, or if you've come across one, it probably came buried in jargon like "path-dependent contingent income instrument with knock-in barriers."

That's the most common reaction I get when someone first looks at a structured note we build. A 20% annual return? For 5 years? There has to be a catch.

We sent identical terms to seven banks. The upside multiplier ranged from 1.35x to 3.25x. Here's why we make them compete.

We've been allocating to private credit for close to five years now. You may or may not have seen the recent headlines: fund gates, redemption freezes, predictions about the "next shoe to drop.