A private SPV (Special Purpose Vehicle) is established for each asset manager. Every SPV (Special Purpose Vehicle) is its own, independent legal entity that is comparable to a balance sheet. Through the issuance and the secondary market of the AMC (Actively Managed Certificate), the SPV (Special Purpose Vehicle) receives funds from investors on the liabilities side. The asset manager runs the portfolio on the asset side of the balance sheet in line with their portfolio strategy. The SPV (Special Purpose Vehicle) itself has no further liabilities. The AMC (Actively Managed Certificate) is covered 1:1 by the assets and therefore bears no traditional issuer risk.
Investing in an AMC (Actively Managed Certificate)
Buying an AMC (Actively Managed Certificate) is as easy as buying a stock or a bond. Investors can simply place the buy order with their custodian bank using the AMC’s unique ISIN code. The respective bank then trades with ISP directly or uses a bridge partner if no direct trading line exists.
Process of Investing in an AMC:
What is the Life Cycle of an AMC?
Would you like to learn more about AMCs? Download our free e-brochure, where the Actively Managed Certificates (AMCs) are explained and learn all there is to know about the topic!
Contact our AMC team. Our AMC team is located in Switzerland, and more specifically in our headquarters in Zurich. Meet our AMC Swiss team>
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