The Swiss bank has turned actively managed certificates (AMCs) into a flexible, cost-efficient bridge between structured products and discretionary strategies.

Julius Baer is reshaping how active strategies are structured and delivered, using actively managed certificates (AMCs) as a flexible, operationally efficient bridge between structured products and discretionary mandates. Speaking with SRP, Daniel Espineira (pictured), head of structured products institutional sales, outlined how speed, transparency and digital capability are defining the Swiss bank’s approach, and why AMCs are gaining traction with asset managers and ultra‑high‑net‑worth clients.

AMCs allow strategies to be launched quickly, implemented like a security and managed without the constraints of a fund structure - Daniel Espineira

The bank has built a significant footprint in the AMC market, acting as a full‑service provider spanning structuring, issuance, lifecycle management and secondary market support.

The appeal, Espineira explains, lies in a wrapper that combines the accessibility of a security with the agility of an actively managed portfolio as AMCs can hold equities, bonds, ETFs, derivatives and alternative instruments, offering a level of flexibility not typically available in traditional fund formats.

“AMCs allow strategies to be launched quickly, implemented like a security and managed without the constraints of a fund structure,” says Espineira. “The vehicle is particularly suited to strategies requiring frequent trading, dynamic hedging or multi‑asset allocation. These features are increasingly important for thematic, income‑oriented or market‑neutral portfolios.”

Speed‑to‑market has become a decisive factor as external asset managers often arrive with concepts they need to deploy rapidly and cost‑efficiently, and AMCs enable that without compromising transparency or governance. They also provide a testing ground for emerging strategies: managers can incubate ideas within an AMC before scaling them into a full fund once assets and investor demand justify the transition, noted Espineira.

Digital infrastructure

Julius Baer has complemented its AMC capabilities with significant investment in digital infrastructure. Its EPIC platform centralises trading, portfolio reporting and lifecycle management, giving intermediaries access to live pricing, currency‑hedge tools, historical data and automated rebalancing functions.

Operational support includes corporate‑action processing, dividend management and reporting, allowing managers to focus on investment decisions while the bank handles administration.

Automation and integrated workflows minimise operational risk, says Espineira, while giving investors clearer visibility of portfolio performance. The ability to combine equities, fixed income, structured credit, derivatives and even alternatives within a single AMC also reduces the need for multiple vehicles, creating efficiency for both issuers and investors.

Expanding market reach

The bank has issued AMCs since 2008 and now oversees more than 250 products, ranging from thematic baskets to income strategies and subordinated debt exposures. Minimum sizes start around US$5–10 million depending on complexity, with many certificates listed on SIX to facilitate liquidity and distribution.

Clients include external asset managers, family offices and ultra‑high‑net‑worth investors seeking bespoke exposures with institutional governance. Legal simplicity, transparency and speed remain core selling points, said Espineira.

AMCs are classified as structured products in Switzerland, falling outside fund regulation and requiring careful cross‑border distribution strategies. In the UK, for example, they are restricted to professional clients under financial‑promotion rules. Espineira notes that the bank‑issued format provides comfort through clear governance and disciplined operational oversight.

Julius Baer expects continued growth as investors prioritise speed, flexibility and transparency. Enhancements to EPIC including AI‑enabled analytics and deeper integration with external advisory systems will further streamline portfolio management.

“AMCs are no longer niche,” Espineira said. “They are a scalable, transparent and versatile tool for sophisticated investors, combining Swiss operational excellence with active innovation.”

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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