As the AMC market matures and regulatory scrutiny increases, the Swiss bank sees the structure evolving toward greater institutionalisation rather than replacing traditional fund wrappers outright.

UBS has been active in the Actively Managed Certificates (AMC) market for more than two decades, having launched its first product in 2002. Since then, the bank has built out a broad AMC ecosystem that now sits at the centre of its structured products and quantitative investment offering, serving a diverse global client base across private banking, asset management and institutional markets.

By early 2024, UBS reported more than 920 portfolios managed through its AMC framework

At the heart of UBS’s AMC capabilities is its Neo platform, which brings together execution, lifecycle management and reporting in a single infrastructure. The scale of activity on the platform underlines the maturity of the business. By early 2024, UBS reported more than 920 portfolios managed through its AMC framework, supported by over 270 portfolio advisors and millions of trades executed annually. Clients range from asset managers and family offices to pension funds, sovereign wealth funds and financial intermediaries, reflecting the broad applicability of the wrapper.

International expansion has been a key part of that growth. In Asia-Pacific alone, UBS’s AMC business managed close to US$1bn in assets as early as 2018, with daily delta exposure turnover across the platform estimated at hundreds of millions of dollars. Across AMC and related managed solution portfolios, UBS reports current exposures exceeding US$11 billion, highlighting the amount of capital now deployed through these structures.

According to Sascha Hasler, head of financial intermediaries, global markets solutions sales, the AMC market is entering a new phase of evolution. He expects further expansion across asset classes, increased use of credit and rates within structured wrappers, and a closer integration of quantitative investment strategies with discretionary mandates. While AMCs benefit from fast time-to-market and low minimum launch sizes, Hasler stops short of seeing them replace traditional fund structures entirely, instead positioning them as a credible and increasingly institutionalised alternative.

Technology remains a central differentiator. UBS has invested heavily in connectivity, including API and FIX integration, to support a growing and increasingly sophisticated client base. Managing the lifecycle of structured products at scale remains complex, particularly as the number of issuers and formats increases, making data aggregation and transparency an important part of the value proposition.

From a structuring perspective, Giulio Alfinito, global head of QIS structuring, told SRP in an interview in late 2025 that one of the unique selling points is the flexibility AMCs offer in deploying systematic options strategies, thematic ideas and bespoke solutions, including via SPVs. Hedge funds and wealth managers, he noted, are using AMCs not only for access to UBS’s execution capabilities but also as a way to diversify and complement existing strategies.

On the trading and distribution side, Rehman Haroon (right-above), head of AMC trading Emea, highlights strong institutional demand across Europe and Asia, with Swiss intermediaries and UBS’s own wealth management network playing a key role in distribution. Applications range from single-entry execution for family offices to listed AMCs offering ETF-like liquidity combined with discretionary management.

While competition in the AMC space continues to increase, UBS believes its platform maturity, operational scale and consistency of client experience set it apart. As regulatory scrutiny intensifies and investor expectations evolve, the bank sees transparency, governance and execution quality as critical to sustaining growth in what remains a fast-moving and fragmented market.

This article is an excerpt from a longer profile that will be published as part of the SRP AMC Report 2026, alongside other issuer profiles, market analysis and industry insights.

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