Actively
Managed
Certificates
About the Company
MyAMC is an independent company created for the sole purpose to help :
Educating the general public and qualified investors about AMC products
Centralising & comparing AMC investment ideas
Disseminating the best ideas of the AMC world
Introducing and networking between AMC investors & participants
My AMC doesn’t advise nor recommend any AMC, Allocator nor Issuer. The mission of MyAMC is to publish information in a fair and independent manner. For further information, please feel free to contact us.
What is an AMC ?
An “AMC” is the acronym for Actively Managed Certificate. An AMC is a type of Structured Product that allows any Financial Intermediary (an Allocator) to managed actively a basket of Assets (Equity, Bonds & Structured products) within an investment vehicle or a security (certificate or note). This security, identified with an ISIN, can be bought by several investors in order to participate in an investment.
For its investors and the manager, AMCs work and behave in a similar way to fund but are not a fund! The investors needs to understand the risks associated with the vehicle.
How is an AMC constructed ?
They are two setups used for an AMC Underlying: either they use an underlying Index or they reference a Basket of Assets the Underlying of the structured product.
Both these solutions don’t give you the right to the underlying Assets, this is what we call a synthetic investment. Your investment will perform as well as the underlying asset, for better or worse.
These Structured Products are issued by a Bank or a SPV Structure Issuance Program. The investors need to know that the Issuer credit condition could have an impact on the performance of the Security (Note or Certificate) bought.
How is an AMC distributed ?
An AMC is usually a tailor-made product design for an Allocator and its clients. They are usually sold in the format of a Private Placement, however the AMC family product are recognised in the SSPA Swiss Derivative Map© as well as the EUSIPA Derivative Map© as a Tracker Certificate (1300) which allows them to be sold in the Public Offer format.
Pros / Advantages :
Cons / Inconvenients :
- Creation
- Quick launch with relatively low issuance cost
- Centralisation/Execution
- Centralised Investment for several end-clients or accounts
- A single execution can be reflected in several client accounts
- Institutional Execution Costs within the AMC transparent –
- Execution fees are disclosed and transparent
- Distribution
- Flexible distribution in Switzerland and possibility to distribute/passport in Europe
- Credit Risk
- An AMC is a debt instrument issued by a Financial entity. There is a credit risk associated with such an investment that can have a negative impact on investment performance
- Offering Diversity that can be perceived as untransparent