Infographic 05 · Americas

AMC vs. separately managed account

Same strategy, either way. The difference is what happens at execution — and how that changes slippage, KYC, and client access downstream.

AMC Summit 2026

Section 4 — Concha

SMA

Separately managed account

AMC

Actively managed certificate

Individual portfolios per client. Same target weights, but separate accounts and separate execution.

Holdings

Same ISIN. Every investor owns the certificate, not the constituent positions.

One trade per account. Each executes at slightly different prices.

Rebalancing

One trade, at the strategy level — serves everyone simultaneously.

Cumulates over time — divergence between strategy value and what clients actually hold.

Slippage

Zero. Identical NAV across all participants — no divergence.

Stays with the manager — full operational burden.

KYC

Sits with the broker-dealer — load lifted off the manager.

Often $1M+ per relationship — limits the client base.

Minimum

As low as $20,000 per investor — opens a wider base.

Outcome

Personal, but operationally heavy. Slippage is a tax on scaling.

“Everyone's NAV is identical. One trade. Period.”