As AMCs gain traction across Switzerland and beyond, Leonteq is positioning this product at the centre of its growth strategy aimed at leveraging digital infrastructure, systematic strategies and cross-asset integration to capture rising demand from discretionary and quantitative managers.
Actively Managed Certificates (AMCs) are moving firmly into the mainstream of the structured products market, helping to drive renewed momentum in issuance volumes towards the end of the year. For Leonteq, the shift has been both structural and strategic. What was once a complementary product line has become growth engine - capital-light, scalable and increasingly international.
AMCs are probably around 25% of our structured product activity today [...] And they are clearly one of the key priorities for the firm going forward - Alberto Turra
The Swiss structured products specialist firm reported last week that its new generation of AMCs, was behind the increase in outstanding volume of this category of 46% year‑on‑year - total AMC outstanding volumes stood at CHF2.3bn (US$2.9 billion) at year‑end, generating recurring revenues of CHF64.9m for 2025.
“AMCs are probably around 25% of our structured product activity today,” said Alberto Turra (right below), managing director and AMC product owner at Leonteq. “And they are clearly one of the key priorities for the firm going forward.”
Leonteq has been dealing with AMCs for more than 10 years, according to Turra. “Before, it was just one product among many. In recent years, it has become one of the leading discussions with clients,” he explained.
Recurring fees
AMCs are open-ended securitised certificates that track an actively managed reference index or strategy. Issued under the structured products framework rather than fund regulation, they offer operational flexibility and speed to market. For issuers, the appeal is equally clear: revenues are generated on outstanding volumes, creating more predictable, recurring fee streams compared with traditional one-off issuance income.
A distinctive element of Leonteq’s model is its commitment to on-balance-sheet issuance. While parts of the market rely on SPVs or bankruptcy-remote structures, the Swiss firm centralises the entire value chain internally.
“We only operate on-balance-sheet issuance,” Turra says. “That was a strategic decision taken a long time ago, allowing us to centralise the entire value chain, from initial product design through to the secondary market.”
Where investors seek additional protection, collateralisation via SIX Swiss Exchange offers a cost-efficient safeguard. “Starting from 10 basis points per annum, you can collateralise all the assets,” Turra notes. “So if the issuer defaults, issuer’s risk is mitigated.”
As the AMC segment matures, competition is no longer centred on payoff design. “There’s no real competition anymore on the payoff,” Turra argues. “It’s about technology, lifecycle management and what framework you can set around the product.”
Platform power
Leonteq has invested heavily in this area, integrating a dedicated AMC module into its proprietary LYNQS digital investing platform and launching a new generation of AMCs in 2025.
Automation is particularly valuable for systematic and rules-based strategies. Rebalancing instructions can be embedded directly into issuance infrastructure, allowing index adjustments without repeated client-by-client product launches. “You avoid having to go to every single client and pitch an individual product again,” Turra says. “Upon component expiry, proceeds are kept within the index, and they can be redeployed immediately.”
While discretionary portfolio managers continue to use AMCs as efficient wrappers for traditional allocations, much of the recent expansion stems from derivative-driven and quantitative clients. “Our real growth came from our derivative client base,” Turra adds. “These clients typically have a defined strategy and a proven track record. We provide the AMC as a wrapper that allows them to house their structured products within a single vehicle.”
Leonteq’s integrated cross-asset structure supports this systematic push. “We are really cross-asset,” Turra says. “We are a single shop, which helps, because you’re talking to the same people.”
Strict liquidity criteria underpin the platform. “We do not do anything that does not have intra-day liquidity,” he notes, emphasising the firm’s focus on listed, tradable instruments.
Looking ahead, Turra remains constructive but cautious. “The growth has been stellar,” he says, noting that future expansion will depend heavily on regulatory clarity across jurisdictions.
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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