Modern Perspectives on AMCs: New Report from GenTwo

This newsletter is part of The Assetizer, GenTwo's thought leadership platform.

As Assetizer readers will know, in April of this year we held our first Global AMC Summit at GenTwo. The event brought together legal authorities, market researchers, structuring specialists, digital asset practitioners and infrastructure builders for five days of sessions designed to cover the AMC landscape from first principles to the frontier.

I am happy to announce that we have now combined all the learnings from the eight sessions of the Summit into a comprehensive report. You can read it for free online:

Read and Download the AMC Summit Report

The Actively Managed Certificate has become one of the most interesting instruments in global structured products — and one of the least understood outside the circles that use it. That's partly a complexity problem, partly a visibility problem.

We've covered them a fair amount in The Assetizer — from art investment to uranium portfolios to digital asset strategies. But we've never had the chance to take a proper panoramic view of the market: where it came from, where it stands, what goes inside these things, who uses them and how, and where they're headed.

This report does just that. Here is what is in it.

What is an AMC, exactly?

Legally, it's a debt security — a bond issued by a bank, a securities dealer, or a special purpose vehicle. It holds a dynamic portfolio that a designated strategy manager can actively rebalance over the product's lifetime. It behaves economically like a fund but isn't one — and that distinction turns out to matter enormously.

A regulated fund requires authorization, a management company, a custodian, and ongoing regulatory reporting. Depending on the jurisdiction, launching one takes months and only becomes cost-effective at significant scale — typically $50 million in AUM or above. An AMC can be in the market in days or weeks, with a fraction of the compliance overhead. For strategies under $100 million, the cost saving over the life of the product can reach 60–70% compared to an equivalent fund structure.

What can go inside one?

Almost anything. Listed equities, bonds, ETFs and futures are the foundation. Private equity, private debt, real estate and infrastructure are now mainstream AMC underlyings. Digital asset strategies — from simple trackers to complex approaches incorporating staking, DeFi exposure and derivatives — are a growing and sophisticated category. At the outer edge, practitioners have structured art, wine, luxury watches, timber, carbon credits and pre-IPO positions into AMC form. The market has also expanded well beyond Switzerland: AMCs now serve offshore wealth management in Latin America, family offices across Europe and Asia, and markets where the combination of regulatory flexibility and low cost makes the structure particularly well-suited.

What the report covers

The report runs through seven sessions:

• AMC Foundations — Luca Bianchi, Kellerhals Carrard: the legal and technical basis, the on- versus off-balance-sheet distinction, and what an expanding asset universe means for practitioners toda
• The AMC Market — Pablo Conde, SRP: the definitions problem that makes the market hard to measure, the competitive shift from product design to infrastructure, and the three-year outlook
• AMCs and the American Markets — Fernando Concha, Luma Financial Technologies: structural barriers in the US, surging Latin American demand, and what the product looks like in practice in a region moving fast
• AMCs and Digital Assets — Dominic Lohberger, Sygnum, and Florian Marty, GenTwo Digital: institutional-grade operational architecture in a post-FTX world, and where AI agents and blockchain-native infrastructure are taking the market
• The Asset Manager's Perspective — Fabio Oertle, ISP Group: the full picture from a practitioner who has overseen more than 2,500 product launches
• Under the Hood — Matthew McShane and Pierric Tsien, GenTwo: a technical case study combining private equity, private debt and liquid assets in a single AMC — including what typically goes wrong
• Building the Rails — Lukas Sitar and Melanie Glöckler, GenTwo: the evolution of AMC discovery and execution infrastructure, and what end-to-end automation looks like from here

If you work in structured products, asset management, digital assets, or wealth management — and especially if you've ever wondered whether an AMC might be the right vehicle for a strategy — this report is for you.