How AMCs Give Asset Managers a Smarter Way to Operate

One Strategy, One Instrument 

An AMC allows an asset manager to implement an investment strategy. The manager makes ongoing decisions within the remit of the strategy, and those decisions are reflected in the certificate as the trades are made. Investors buy and hold the certificate, gaining exposure to the strategy as a security, and monitor it alongside everything else in their portfolio. 

That structure has a direct impact on day-to-day operations. Without an AMC, a manager running the same strategy for multiple clients must execute each trade separately across multiple accounts. With an AMC, a single execution updates the exposure for all certificate holders at once. The AMC does not eliminate the work of active management; it removes the administrative overhead that surrounds it. 

Institutional Distribution Through a Familiar Format 

Investors gain access to an actively managed strategy through a format they already know. Because the AMC carries a Swiss ISIN, it can be held in custody and reported as a standard security, with no need for special onboarding, side-pocket arrangements, or bespoke custodian agreements. 

This matters both for the asset manager and for the end investor. The asset manager gains distribution opportunities without building a fund structure. The investor gains access to an active strategy without changing the way they manage their holdings. 

Flexibility Across Strategies and Asset Classes 

The AMC structure places no constraints on how the strategy is managed, whether long-term thematic or short-cycle tactical rotations, because the certificate simply reflects whatever the manager decides to trade. Strategic model portfolios and dynamic tactical strategies are equally well suited to the format. 

That flexibility extends to asset class coverage. Equities, fixed income, alternative investments, digital assets, and even non-bankable assets can all be held within an AMC, subject to mandate. Asset managers running more than one strategy can issue a separate certificate for each, maintaining clean separation between mandates and strategies while operating within a common structure. 

A Cost-Efficient Alternative to Traditional Fund Structures 

Compared to setting up a regulated fund, an AMC involves significantly less time, cost, and regulatory overhead. The issuance process typically takes two to four weeks. The ongoing administration is lighter, and the structure falls outside the scope of the Swiss Collective Investment Schemes Act, removing a layer of compliance burden that would otherwise apply. 

For asset managers who want to bring a strategy to market without the full apparatus of fund formation, or who want to test a strategy before committing to a fund structure, the AMC offers a credible and practical path. To discuss how it could work for your strategy, contact Maxime Caboche at ISP.