Actively Managed Certificates (AMCs) are innovative tools widely used in Swiss private banking and independent wealth management. These structured products allow asset managers to apply flexible investment strategies. AMCs offer daily liquidity, full transparency, and tradability via ISIN codes. They can include equities, bonds, funds, options, or structured products. As such, they are ideal for building thematic, tactical, or multi-asset strategies.
Swiss banks and independent asset managers (IAMs) use AMCs to deliver tailored strategies. These certificates replace complex fund setups. In addition, they lower costs and speed up time-to-market. They are available across most private bank platforms, making them practical and scalable.
What Is an AMC?
An AMC is a structured note issued by a bank or a dedicated platform. It reflects a discretionary strategy managed by a selected asset manager. Unlike passive instruments, AMCs are adjusted regularly. The manager trades within clear rules, and the certificate reflects the actual portfolio in real time.
The note is issued under Swiss or international law. The strategy behind it is typically published through factsheets. AMCs are mostly offered as private placements to qualified investors.
Why Use AMCs in Swiss Portfolios?
- Flexible content: Combine several asset types in one product
- Speed: Launch new strategies quickly and efficiently
- Bankability: Available via ISIN in most private banks
- Transparency: Clear position-level reports and regular updates
- Thematic focus: Access to niche sectors, ESG, or regional ideas
AMCs fit well into tactical mandates or overlay structures. They allow quick reallocation and come without upfront entry costs. Therefore, they are well suited for active wealth managers.
Risks Associated with AMCs
- Issuer risk: Investors depend on the credit of the issuer
- Liquidity limits: Daily trading relies on the underlying assets
- Understanding: Strategies may appear complex if not clearly shown
- Fee layers: Fees may include management and structuring costs
Comparison: AMCs vs Other Investment Formats
| Aspect | AMC | UCITS Fund | Structured Product |
|---|---|---|---|
| Management style | Active (discretionary) | Active or passive | Fixed return pattern |
| Customisation | High | Low to medium | Medium |
| Setup time | 2–6 weeks | 3–9 months | Quick |
| Tradable | Yes (ISIN) | Yes | Yes |
| Daily liquidity | Usually | Yes | Sometimes |
Who Uses AMCs?
- IAMs running bespoke strategies
- Private banks scaling house views
- HNWI/UHNWI with special investment themes
- Advisors designing flexible mandates
Most Swiss AMCs are custom-built and white-labelled. Portfolio managers can scale strategies across markets without launching full-scale funds.
Independent Platforms: The GenTwo Model
Besides banks, platforms like GenTwo offer new ways to launch AMCs. GenTwo enables IAMs and family offices to issue their own AMCs—branded, compliant, and bankable—without using a bank’s balance sheet. Their setup extends to non-bankable assets like real estate, digital assets, or private equity. In doing so, GenTwo turns real assets into economically bankable instruments. These can be held in normal private banking accounts via ISIN.
This structure gives control over content, pricing, and compliance. GenTwo supports with legal, technical, and operational tools. Hence, Swiss wealth managers can bring institutional-grade products to their clients.
Example Allocation
In a CHF 10 million portfolio, one might allocate 10% to AMCs:
- 4% ESG equity AMC
- 3% multi-asset yield AMC
- 2% innovation-focused AMC (via GenTwo)
- 1% low-risk fixed income AMC
This allocation adds thematic exposure while keeping liquidity and oversight. It works well within traditional custody environments.
Conclusion
Actively Managed Certificates (AMCs) are essential in Swiss wealth management. They blend flexibility, transparency, and speed. Whether issued by a private bank or a platform like GenTwo, AMCs offer a modern path to delivering strategic investment ideas. With ISIN access and daily liquidity, they help bridge bespoke thinking with bankable solutions.
→ Return to the full investment product overview.
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