Published in: Finanznachrichten

Uncertainty and heavy fluctuations in the markets are causing ever more asset managers to turn to securitisations as investment vehicles. “This allows many professional and semi-professional clients to receive qualified support and to react quickly to market events”, says Daniel Knoblach, Board Member at Fair Alpha. “And they can do so without having to take the extra step of setting up an investment fund first.”

Due to their clear structuring, securitisations or in particular Actively Managed Certificates (AMCs) enable a very fast launch. “Therefore, strategies can be brought to market extraordinarily quickly – and the product can be traded quickly for a large number of clients, each on the same terms”, Knoblach points out. “Both speed and cost are a real alternative for many asset managers in the current market environment.”

Numerous asset managers manage the portfolios of their medium-sized and large clients highly individually. “On the one hand, this ensures a strong correlation between investor wishes and implementation”, Knoblach says. “On the other hand, converting individual portfolios often takes longer and requires quite a bit more work.” Asset managers therefore rely on their own standards for subsections of portfolios or on specific strategies. “Some were set up as funds, but more and more AMCs are being used now”, Knoblach highlights the trend.

Asset managers and clients alike benefit from economies of scale, leading to efficiency gains and cost savings. “In addition, AMCs represent a segregated compartment under Luxembourg law”, Knoblach adds. “This means that there is no issuer risk – just like with an investment fund, but unlike a managed account held at a bank.”

AMCs provide access to institutional investment products, allow for a certain amount of regulatory simplification, and may also have tax advantages. “Asset managers frequently find it particularly beneficial that, unlike some alternative investments, the products are fully custodial, may carry a German or Swiss ISIN at Fair Alpha, and offer the availability of daily prices via Bloomberg and exchange listing where required.“