Actively Managed Certificates (AMCs) have moved from the periphery of structured products into a more central role in modern investment manufacturing. Once regarded as a niche solution primarily used by private banking desks, AMCs are now being deployed across private banking, asset management, family offices and institutional portfolios as a flexible alternative to traditional fund structures.
This report examines how AMCs are being used in practice today, and why they continue to gain traction across regions and client segments. Drawing on insights from up to 20 industry participants including issuers, structuring platforms, asset managers, private banks, legal advisers and technology providers, the report aims to cut through inconsistent definitions to provide a clearer picture of the AMC landscape.
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Alongside the opportunities, the report also addresses the risks inherent in the AMC format. Issuer credit exposure, liquidity considerations, governance standards and the robustness of SPV frameworks are receiving increased scrutiny from regulators and market participants alike. As AMCs become more institutionalised, questions around transparency, valuation and lifecycle management are moving higher up the agenda.
Finally, the report looks ahead to the next phase of development. Advances in digital issuance platforms, tokenisation and reporting technology are reshaping how AMCs are created and monitored, while evolving client demands continue to influence product design.
Together, these forces point to a market that is no longer operating in the shadows but becoming an established and increasingly important part of the structured products ecosystem.
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