The French bank is using actively managed certificates (AMCs) to bridge equity derivatives, financing and structured strategies.

Natixis Corporate & Investment Banking (CIB) has spent more than a decade building a comprehensive actively managed certificate (AMC) platform, positioning the product at the intersection of equity derivatives, securities financing and index innovation.

We can issue through different programmes depending on where clients are located or want to distribute - Romuald Orange

From ESG-filtered equity baskets to CTA-style futures portfolios and distressed debt strategies, the French bank has leveraged AMCs as a flexible tool for private banks, asset managers, and institutional investors.

Romuald Orange (pictured), global head of proprietary client interface at Natixis CIB, explains that the bank’s AMC offering serves as both a product and a service ecosystem. “We can issue through different programmes depending on where clients are located or want to distribute,” he says, highlighting the need for flexibility in serving a global client base.

AMCs were initially adopted by private banks seeking to manage high-net-worth client portfolios at a macro level without rebalancing accounts individually. Today, the client base has expanded to include brokers, external asset managers, and traditional asset managers looking to test strategies without launching a full fund.

Natixis CIB deliberately aligns its AMCs with both equity derivatives and global securities financing. “The AMC is complementary to all equity derivatives discussions, and it’s a great tool for delta one and replication strategies,” Orange notes.

This dual positioning allows the bank to support discretionary equity baskets, systematic overlays, structured hybrids, and index replication. The firm is also extending its capabilities into actively managed indices (AMIs), enabling the same strategy to be deployed across multiple wrappers, including notes, swaps, and funds.

Niche strategies

The bank has expanded its AMC range into complex and niche strategies. Examples include its first ESG-labelled AMC, which reconciled client-specific and internal ESG screening processes; a CTA-style futures-based portfolio, offering high-speed, systematic execution; and a bespoke transaction for an Asian client blending distressed bonds and equities. These products demonstrate the versatility of AMCs as a high-touch, rapid-launch laboratory for innovative strategies, according to Orange.

Natixis CIB also distinguishes itself through technology and operational infrastructure. Vanilla strategies can be issued in under a week, while more complex structures can be brought to market in a few weeks—significantly faster than traditional fund channels.

The bank combines internal pricing and execution systems with a client interface developed by Swiss fintech Vestr, supporting the full lifecycle of rebalancing, pricing, reporting, and transparency.

Looking ahead, Orange identifies three key growth areas: bond-only AMCs, structured product-based AMCs for multi-asset event management, and multi-asset AMCs that integrate equities, fixed income, and derivatives.

In 2026, Natixis plans to introduce QIS-style investing and expand actively managed indices into additional wrappers, with API-based connectivity to clients’ systems enhancing operational efficiency.

Natixis CIB’s approach underscores the growing role of AMCs as agile, transparent, and multi-strategy investment vehicles bridging traditional and alternative asset management tools.

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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