SRP has launched the SRP AMC Report 2026.

The report provides a focused examination of how actively managed certificates (AMCs) are reshaping the structured products landscape.

AMCs offer speed to market, flexibility and cost efficiency that traditional fund structures often struggle to replicate

AMCs have evolved from a niche structuring solution used primarily by private banking desks into a versatile and increasingly institutionalised investment wrapper.

Combining discretionary portfolio management with the legal and operational framework of a security, AMCs offer speed to market, flexibility and cost efficiency that traditional fund structures often struggle to replicate. In a market defined by shorter thematic cycles and rising cost pressures, that agility has become a decisive advantage.

The report explores how AMCs are being used in practice today, from compact ‘mini fund’ allocations within discretionary portfolios to incubation vehicles for new strategies. With lower economic break-even thresholds than many regulated funds, AMCs have become an attractive route for testing thematic ideas, launching niche mandates and responding quickly to shifting market opportunities.

At the same time, the study addresses the blurred boundaries that complicate market sizing, distinguishing genuinely active mandates from delta-one or discretionary note structures issued under similar wrappers. It also examines governance standards, issuer credit exposure and SPV discipline, highlighting the increasing importance of robust documentation, independent valuation and operational rigour as regulatory scrutiny intensifies.

Technology is identified as a key catalyst for the next phase of growth, with digital issuance platforms and emerging tokenised structures streamlining reporting, lifecycle management and distribution.

The report includes perspectives from leading practitioners across the ecosystem, including Rico Blaser (Vestr), Sascha Hasler (UBS), Alberto Turra (Leonteq), Vincent Borras (Societe Generale Private Banking), Timo Pfeiffer (Solactive), Brady Beals (Luma Financial Technologies) and Andrew Wolfson (Orpheus Capital), among others.

Click in the link or the image to download your free copy: SRP AMC Report 2026.

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