Infographic 02 · Foundations

What is an AMC?

What it is — legally, structurally, practically — and the on/off-balance-sheet distinction that determines its cost and what can go inside.

AMC Summit 2026
Section 2 — Bianchi
Part 1 — What it is
“Same performance as an investment fund — without the investment fund regulation.”
Legally
A debt instrument — a bond. It cannot be equity (that would be a CIS). Carries an ISIN.
More than a bond
The manager has discretion to buy, sell, rebalance and add asset classes over the product's lifetime.
In practice
No FINMA approval, no regulatory audit, no ongoing supervision — days to market, not months.
Part 2 — How it's issued
Bank-issued
On-balance-sheet
Independent SPV
Off-balance-sheet
Bank issues directly or guarantees the structure
Guarantee
No bank guarantee; the bank does not control the SPV
Assets consolidate onto the bank's balance sheet
Balance sheet
No consolidation
Basel III capital charge applies
Capital charge
No capital charge
Liquid assets only — illiquid means a valuation problem
Asset universe
PEPrivate debtReal estateCryptoArtTimber
Higher costs passed to the investor
Cost
Lower costs — “the difference is real and it is visible”