The private bank highlights how AMCs are transforming portfolio construction, providing operational efficiency, bespoke strategy flexibility and a bridge between funds, ETFs and structured products.
As part of our ongoing series exploring the actively managed certificate (AMC) space, we discussed with Vincent Borras, head of market solutions at Société Générale Private Banking and secretary general of Luxsipa, how these instruments are evolving from niche tactical solutions into a core tool for discretionary portfolio construction.
We have been using AMCs for around five years, with a clear acceleration over the last two to three - Vincent Borras
Originally focused on equity strategies, AMCs now extend across multiple asset classes, giving private banks and sophisticated investors a flexible, efficient way to implement bespoke investment approaches.
“We have been using AMCs for around five years, with a clear acceleration over the last two to three,” says Borras (pictured). “As a house known for derivatives and structured products, we focus heavily on delivering efficient and innovative client solutions. In that context, AMCs have emerged as a very effective wrapper.”
One illustrative case involved a professional client seeking a discretionary bond portfolio. Launching a dedicated fund was not feasible due to regulatory and operational burdens. “An AMC offered a far more efficient alternative,” Borras says. “Structurally and operationally, it allowed us to deliver the portfolio within a single instrument, with much lower complexity.”
The wrapper simplified reporting for the client and streamlined management for the discretionary team, highlighting the operational appeal of AMCs beyond traditional equities.
While initial adoption focused on professional investors, Borras sees broader relevance. “External asset managers and family offices increasingly use AMCs as wrappers to distribute strategies to retail clients, similar to funds,” he notes. “The key difference is that AMCs are generally more flexible and easier to launch, while still offering many of the same distribution benefits.”
Positioned between funds and ETFs, AMCs allow active portfolio management with greater customisation than traditional vehicles.
Borras connects the rise of AMCs to a broader shift in structured products. “Ten to fifteen years ago, clients focused on complex payoffs. Over time, payoffs have become simpler, while sophistication has moved into the underlying portfolio selection and management,” he observes.
AMCs represent this evolution: a simple wrapper where value creation lies in active management rather than exotic payoff structures, adds Borras.
Governance and issuer discipline remain central to private banking adoption. Société Générale works with issuers of high credit quality and operates within robust frameworks covering rebalancing, leverage, liquidity and client education. Transparency is key, according to Borras.
“Clients must understand all fee components upfront, including management, performance, administration and platform costs,” he says, adding that fee structures combining low fixed management fees with performance-based incentives are gaining traction, aligning interests and rewarding outcomes.
Recent deployments have focused on thematic and bespoke strategies, including ESG, hydrogen and technology baskets. “Clients often like the theme but not specific constituents. With AMCs, we can actively manage and adjust the basket over time, making it more flexible and client-friendly,” says Borras. This flexibility also allows strategies to scale from individual bespoke solutions to broader investor offerings.
Borras also notes that supporting AMCs end-to-end requires sophisticated infrastructure and that Société Générale leverages its SG Markets Youtrack platform to monitor composition, rebalancing, and pricing, “ensuring transparency and freeing private bankers to focus on advisory rather than operational tasks”.
As AMCs continue to gain traction, they are redefining the design of discretionary portfolios, providing efficiency, flexibility and innovation while meeting the high standards of private banking governance, concludes Borras.
This article is an excerpt from a longer profile published as part of the SRP AMC Report 2026, alongside other issuer profiles, market analysis and industry insights.
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