The French bank has grown its actively managed certificate business into a core part of its equity derivatives operations, offering flexible, multi-asset solutions for private banks and institutional clients.
Société Générale (SG) has steadily expanded its actively managed certificate (AMC) business, transforming what was once a niche product into a meaningful part of its equity derivatives franchise. “AMC activity is far from niche,” says Pierre Gimenes, global co-head of structuring for products and solutions. “It has become a sizeable component of our business.”
The intellectual property lies in the strategy; the AMC is a way to package and distribute systematic or discretionary strategies efficiently - Pierre Gimenes
Within SG, AMCs sit under the Quantitative Investment Strategies (QIS) umbrella. Gimenes describes the certificates as a delivery mechanism rather than a standalone asset class.
“The intellectual property lies in the strategy; the AMC is a way to package and distribute systematic or discretionary strategies efficiently,” he says. SG provides regulated issuance, lifecycle management, and operational infrastructure for clients ranging from private banks to smaller fund managers and distribution platforms.
While early AMCs were heavily equity-focused, SG has broadened its offering to include multi-asset strategies, thematic baskets, and sophisticated constructions.
“Equities remain core, but there is increasing interest in diversified exposures, cross-asset combinations, and more complex structures,” notes Gimenes. AMCs also allow managers to test strategies in live markets quickly, offering a practical incubation route before moving into traditional funds.
Hurdles
Regulatory clarity is central to SG’s positioning. Gimenes stresses the distinction between bank-issued AMCs and SPV-based structures holding illiquid assets.
“A bank-issued certificate is not the same as an SPV holding illiquid assets. From an investor protection and regulatory standpoint, they are not equivalent,” he said. By operating as a regulated issuer, SG aims to provide clients with certainty while reducing compliance risk.
Market visibility remains inconsistent. AMCs are often mislabelled on exchanges, sometimes appearing as tracker certificates.
“The challenge is finding the right balance: rules and labels that provide clarity without limiting innovation,” Gimenes adds. SG supports clients with analytics, performance decomposition and reporting, helping distributors and asset managers explain AMC performance and positioning to end investors.
The bank’s core markets for AMCs are Switzerland, France, Italy, Germany and the UK, with growing interest in the Middle East and Asia-Pacific, including Singapore and Hong Kong. Economically, AMCs are generally viable from €3–5 million upwards, with some mandates reaching €200 million. “Each case is assessed based on strategy, client profile, and distribution potential,” Gimenes said.
Looking ahead, SG expects continued growth driven by speed, flexibility, and regulatory-compliant structuring. Strategy diversification is likely, including thematic and cross-asset solutions and potentially digital-asset-linked AMCs where regulation permits. Historical reporting at the French bank suggests several billion euros of activity, reflecting the transformation of AMCs from niche innovation to mainstream investment vehicle.
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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