An Actively Managed Certificate is a security that tracks a strategy an appointed manager runs inside a segregated account. MTCM supplies the securitization structure: a compartment, ring-fenced inside a Luxembourg SPV, that holds the account backing the certificate. The AMC itself is issued by a bank.
An AMC lets a manager package a strategy as a single security an investor can hold in custody. MTCM handles the securitization side: the strategy runs in a segregated third-party broker account, that account is held by a ring-fenced compartment of a Luxembourg SPV, and the issuing bank issues the certificate against it. Technically this is a broker account backed security; AMC is the term the market uses. The compartment is constituted under the Luxembourg Securitization Law of 22 March 2004, is bankruptcy remote, and that keeps the account insulated from events elsewhere on the platform. GSK Stockmann advises the platform, and PwC and Atwell serve as auditors.
Held in custody, transferred or listed like any other security.
Segregated by law from every other transaction on the platform.
Protection runs in both directions.
The exposure leaves the originator’s balance sheet.
Long-only and long-short strategies run in listed equities.
Bond and credit strategies with a defined mandate.
Allocations spanning several asset classes under one mandate.
Strategies built around a defined sector, theme or region.
Exposure to commodity markets through regulated instruments.
Hedging and overlay strategies using listed derivatives.
An existing discretionary mandate expressed as a single security.
A house model portfolio made available as one instrument.
An allocation across identified funds, held in the account.
Defined payoff profiles built from listed underlyings.
An AMC is a security that tracks a strategy run by an appointed manager inside a segregated broker account. The investor holds one certificate with an ISIN instead of replicating the strategy. AMC is the term the market uses; the technical description is a broker account backed security.
No. The AMC is issued by a bank. MTCM builds the structure: a ring-fenced compartment of a Luxembourg SPV that holds the segregated account backing the certificate. MTCM structures the operation, it does not issue the certificate.
They describe the same structure. AMC, Actively Managed Certificate, is the client-facing term the market recognises. BABS, broker account backed security, is the technical description: an SPV-based structure with the underlying assets in a segregated third-party broker account.
An appointed manager, under a defined mandate. MTCM is not an asset manager and does not manage third-party capital or make investment decisions. The manager runs the strategy; MTCM structures and administers the compartment.
In a segregated account with a third-party broker. The account sits inside the compartment, which is ring-fenced by law from every other transaction on the platform, and is reviewed as part of the compartment’s audit.
An AMC is generally faster to set up and workable at a smaller size, because there is no fund vehicle, no fund authorisation and no separate management company. A fund may still be the right answer where the strategy needs a fund’s regulatory perimeter.
| Role | Who takes it |
|---|---|
| Runs the strategy | The appointed manager, under the mandate |
| Holds the assets | A third-party broker, in a segregated account |
| Provides the securitization structure | MTCM, through a ring-fenced Luxembourg compartment |
| Issues the certificate | A bank |
| Holds the certificate | The investor, through their own custodian |
MTCM structures the operation. MTCM does not issue the AMC.
| AMC | Fund | Segregated mandate | |
|---|---|---|---|
| What the investor holds | A certificate with an ISIN | Fund units | Their own account |
| Time to launch | Weeks | Months | Immediate, per client |
| Minimum practical size | Low | High | Per client |
| Who can hold it | Anyone whose custodian takes securities | Depends on fund distribution | The mandate holder only |
80+ active compartments · €2.5 bn+ assets structured. Indicative platform figures.