The Liechtenstein-based issuer of German ISIN certificates is combining exchange listings, a secured SPV framework and a broad eligible asset universe to anchor actively managed certificates in the regulated investment landscape.

As actively managed certificates (AMCs) shift from niche structuring tools toward mainstream investment solutions, iMAPS is positioning itself at the centre of that evolution. The Liechtenstein-based firm, which issues German ISIN securities in Germany, has built its model around listed, regulated and secured AMCs, distinguishing itself from both bank issuers and the growing number of non-bank platforms across Europe.

We issue AMCs for asset managers, but also for traders to repackage their portfolios into AMCs - Andreas Wölfl, CEO

At its core, iMAPS operates as a white-label AMC platform, issuing certificates for asset managers and traders seeking to package strategies efficiently. “We issue AMCs for asset managers, but also for traders to repackage their portfolios into AMCs,” said Andreas Wölfl, founder and CEO.

What sets the firm apart is its emphasis on exchange-listed, retail-compliant structures. “Ninety percent of our AMCs are listed in Stuttgart,” Wölfl said, noting that iMAPS also provides market making and structuring services. In contrast to many independent issuers that focus on private placements, iMAPS has adopted a route more commonly associated with large banks.

This listing focus underpins its regulatory positioning. The firm operates under an FMA-approved prospectus framework passported into Germany, rather than under BaFin supervision. According to Wölfl, the combination of a regulator-approved prospectus and exchange listing alongside tier-one banks provides credibility in a market where compliance teams are still becoming familiar with AMC structures.

The firm also highlights the breadth of its eligible investment universe, which spans listed securities, derivatives, liquid funds, ETFs and digital assets. Wölfl describes it as one of the broadest universes available within a regulated, retail-compliant and exchange-listed AMC framework.

‘Secured’ AMCs

Structurally, iMAPS combines balance sheet issuance with a dedicated SPV per certificate. While AMCs are issued off its balance sheet, each transaction is linked to an SPV pledged to Intertrust, a structure Wölfl refers to as “secured AMCs”. He argues that this removes issuer credit risk and offers a competitive advantage, particularly versus mid-sized investment banks.

Transparency is central to the firm’s eligibility criteria. iMAPS excludes illiquid or unverifiable assets, insisting that AMCs remain anchored in liquid and independently valued instruments.

Wölfl recalls early scepticism from asset managers, who questioned how AMCs would function within regulatory frameworks. The decision to operate within a fully retail-approved, prospectus-based regime was intended to address those concerns and provide regulatory clarity.

“AMCs will increasingly serve as alternatives to offshore fund structures for liquid strategies, particularly for managers seeking cost efficiency and speed to market,” he said. Many launch AMCs as stepping stones toward Ucits funds or ETFs, although Wölfl notes that most ultimately remain within the AMC format once assets and track records are established.

Geographically, while iMAPS has roots in the DACH region, Wölfl sees growth opportunities in the UK, Eastern Europe and Asia, with rising interest from Hong Kong, Singapore and Dubai. He also points to accelerating launch timelines, now reduced to roughly one week, supported by in-house technology development.

Education remains a priority, with Wölfl advocating greater involvement from structured products associations to support market understanding.

As AMCs gain traction, iMAPS is promoting a model defined by exchange listing, regulatory clarity, transparency and secured structures, positioning AMCs alongside Ucits funds and ETFs within the European and Asian investment landscape.

This article is an excerpt from a longer profile that that is part of the SRP AMC Report 2026, which is available for download here.

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