The first of the structured products to mature which used Lehman Brothers as one of its counterparties has returned a gain.
Legal & General's Protected Capital and Growth Plan 4 returned 5.55% after six years.
It had four other counterparties in addition to Lehmans. The bank was the fourth largest in the US before it declared bankruptcy in 2008, sending the global economy into meltdown.
Ian Lowes, director of the StructuredProductReview said the level of counterparty diversification of the L&G plan meant that even though one counterparty defaulted, the negative impact this had on L&G plan was diluted.
"To produce any gain where a counterparty has become insolvent is an admirable reflection on L&G's structuring.
"This is, of course, very different from the products which were backed wholly by Lehmans. Unfortunately, an unintended consequence of regulatory change means that Legal & General are no longer in a position to produce plans on this basis."
The top performing structured product over the last month was the Walker Crips Dual Index Plan Issue Two.
The six year plan delivered 15% on an autocall after one year because the FTSE 100 and the S&P 500 were both above their initial value at the first anniversary of the investment.
View from the front row
Project Libra unveiled
Including SJP and investment trusts
Spent two years at Sanlam
Will also assess FCA's actions