The Actively Managed Certificate (AMC) has become one of the fastest-growing categories in the global structured products market. As this report shows, the AMC market has grown to an estimated 1.5 trillion US dollars in assets under management — at least by some measures. It has also expanded from its origins in Swiss private banking into a global instrument available across asset classes, jurisdictions, and investor types that its earliest practitioners could not have predicted. Over that time its core value proposition has remained consistent: it is the most efficient way to turn an active investment strategy into a distributable, investible product.
Understanding the AMC properly rewards more than a cursory look. Its legal structure is simple; its capabilities are not. The range of what can go inside an AMC, the ways it can be structured, the markets it can access, and the investors it can serve have all expanded considerably as the infrastructure around it has matured.
Bringing that picture into sharper focus was the purpose of the inaugural GenTwo Global AMC Summit, held between April 13 and 17, 2026. The Summit brought together legal authorities, market researchers, structuring specialists, regional practitioners, digital asset pioneers, and infrastructure builders to cover the full landscape: what these instruments are, how they work, where they are being used, and where the market is heading.
This report is drawn from the Summit. Each of the chapters below is a summary of one of the sessions, focused on key messages and learnings.
01·01What is an AMC?
As we learn below, an Actively Managed Certificate is, legally, a debt security — a bond, issued by a bank, a securities dealer, or a special purpose vehicle (SPV). It can be held in a standard custody account alongside equities and bonds, clears through standard settlement infrastructure, and in all of these respects resembles any other structured product.
What distinguishes it is what sits inside. Rather than a fixed reference asset or index, an AMC holds a dynamic portfolio — a basket of assets that a designated strategy manager can actively rebalance over the product's lifetime. The manager can buy, sell, add new positions, and adjust allocations according to their investment judgment, within parameters established at inception and laid out in the term sheet. The certificate is the legal wrapper. The active strategy is what the investor is buying exposure to.
The result is a product that behaves, economically, like an investment fund, but is not one. That distinction is the product's defining characteristic, and its consequences are substantial.
A regulated investment fund is a collective investment scheme. It requires regulatory authorization, a management company, a custodian bank, and ongoing reporting to a fund supervisor. Depending on jurisdiction, launching a fund takes months and carries fixed costs that only become economical at meaningful scale — typically $50 million in assets under management or above. Below that threshold, the cost structure is punishing.
An AMC, on the other hand, can be brought to market in days or weeks. No fund license is required. Ongoing compliance obligations are a fraction of what a fund demands. According to one of the Summit's experts, for strategies under $100 million in AUM, the cost savings can reach 60–70% over the life of the product compared to an equivalent fund structure.
01·02What can go in an AMC?
The simplest description of what an AMC can hold is: almost anything. Listed equities, bonds, ETFs, and futures are the foundation — the liquid, exchange-traded assets the product was originally built on. The SPV model that now drives a fair share of professional issuance carries no balance-sheet constraints, which means it is not limited to what a bank's risk department is willing to carry. Private equity, private debt, real estate, and infrastructure have become mainstream AMC underlyings. Digital assets and cryptocurrency strategies — from simple tracker exposures to complex approaches incorporating staking, DeFi protocol exposure, and derivatives overlays — are a growing and increasingly sophisticated category. At the outer edge, practitioners have structured art, wine, luxury watches, timber, carbon credits, and pre-IPO positions into AMC form; the practical ceiling is less about what the structure can hold and more about whether the valuation, custody, and due diligence requirements for a given asset can be met.
The strategies that go inside are equally varied. Thematic and systematic approaches, along with multi-asset and hybrid structures combining public market liquidity with private market exposures in a single security, are becoming more common as the infrastructure for managing illiquid components matures. Cross-asset strategies incorporating digital assets alongside traditional instruments are growing fast. And the reach of the product has extended well beyond Switzerland. As this report shows, AMCs now serve offshore wealth management needs across Latin America, are used by family offices and external asset managers across Europe and Asia to build proprietary product capabilities, and are increasingly appearing in markets where the combination of regulatory flexibility, tax advantages, and the need to make locally difficult-to-access assets internationally distributable makes the structure particularly well-suited.
The democratization of the structure has also progressed. Where AMC issuance was once the preserve of established banks and their affiliated managers, the platform model has opened it to independent asset managers, boutique firms, and first-time issuers. Some Swiss platforms now enable retail access at minimum investment thresholds as low as CHF 1,000. A manager with a compelling strategy, a track record, and a modest initial investor base can have a regulated, ISIN-bearing product in the market within weeks — a path to scale that would have required months of regulatory preparation and significant legal overhead just a decade ago.
What this adds up to is a structure whose range of application continues to expand in ways that are not yet fully mapped. The sessions in this report explore several of the most significant areas in depth — digital assets, private markets, the Americas, the infrastructure layer. The overall picture they suggest is that the AMC's most interesting applications may not yet exist.
01·03What this report covers
The sessions that form this report were designed to take a reader from first principles through to the frontier, across the mechanics, the market, the applications, and the infrastructure. For this report, we have organized the sections as follows.
AMC Foundations — Luca Bianchi, Partner, Kellerhals Carrard. The technical and legal basis of the product in detail: what an AMC is, how it differs from a fund, the on-balance-sheet versus off-balance-sheet distinction, and what an expanding asset universe means for practitioners today.
The AMC Market — Pablo Conde, Director of Content, SRP. The industry as it actually exists: 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. The current structural barriers in the US for AMCs, the surging demand across Latin America, 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. How digital asset strategies are structured inside AMCs, what institutional-grade operational architecture looks like in a post-FTX world, and where AI agents and blockchain-native infrastructure are taking the market.
Launching an AMC: The Asset Manager's Perspective — Fabio Oertle, ISP Group. The full picture from a practitioner who has overseen more than 2,500 product launches: who the AMC is for, what the launch process involves, and what the exotic end of the asset universe actually requires.
Under the Hood — Matthew McShane and Pierric Tsien, GenTwo. A technical masterclass anchored by a hybrid AMC case study combining private equity, private debt, and liquid assets — including the legal mechanics of private equity direct investments and what typically goes wrong.
Building the Rails — Lukas Sitar and Melanie Glöckler, GenTwo. The evolution of the market's discovery and execution infrastructure: how the AMC Creator was built, what real user behavior revealed about what practitioners need, and what the path to end-to-end execution looks like from here.
Together they cover a market that is moving fast and, increasingly, in plain sight.