Launch your own branded Actively Managed Certificate in 4–8 weeks. Full ISIN, multi-jurisdictional, bankable. We handle the structuring, you keep the strategy.
The AMC carries your name and your strategy. Noray handles the SPV, legal documentation, paying agent and ongoing administration.
From signed strategy review to first ISIN typically takes 4–8 weeks, a fraction of the time required to set up a regulated fund.
Luxembourg, Guernsey, Cayman and Switzerland, coordinated through a single point of contact at Noray Capital.
Who it's for
Independent and bank-affiliated managers launching their first proprietary investment product.
Single and multi-family offices wrapping in-house strategies into bankable certificates for clients and co-investors.
Wealth managers building branded structured offerings for professional and qualified investor clients.
Venture and private equity teams creating ISIN-wrapped access to portfolios, co-investments or thematic strategies.
How it works
We map your investment thesis, target investors and operational requirements to the optimal jurisdiction and SPV format.
Dedicated, bankruptcy-remote compartment created within an existing Noray-coordinated securitisation vehicle.
ISIN assignment, paying agent appointment and CSD registration (Euroclear, Clearstream or SIX SIS) for full bankability.
First subscription, NAV calculation, investor reporting and lifecycle management, all coordinated by Noray.
Case study
A Swiss asset manager required a bankable vehicle for their multi-asset discretionary strategy. We structured a white-label AMC from our Luxembourg securitisation vehicle with a dedicated compartment, branded under the manager's name.
€125M
AUM
LU
Jurisdiction
+8.4%
YTD
A white-label Actively Managed Certificate is an ISIN-bearing security issued from a Noray-coordinated SPV compartment, branded and managed under your name. You define the investment strategy; we provide the legal, structuring, paying agent and custody infrastructure required to make it bankable across private banking networks.
An in-house AMC requires you to set up and maintain your own securitisation vehicle, legal documentation, paying agent relationships and ongoing administration, typically a 9–12 month build with significant fixed costs. With a white-label AMC you plug into Noray's existing platform: 4–8 weeks to first ISIN, no captive infrastructure, and one coordination point across four jurisdictions.
Most white-label AMCs launch with an indicative minimum of around EUR 5 million in initial subscriptions. There is no hard floor, the right size depends on strategy, target investors and chosen jurisdiction. We discuss expected AUM during the strategy review so the structure is sized appropriately.
The legal issuer is a bankruptcy-remote special purpose vehicle (SPV) domiciled in Luxembourg, Guernsey, Cayman or Switzerland, depending on the jurisdiction you select. Your AMC is issued from a dedicated, ring-fenced compartment of that SPV, segregated from other compartments and from the issuer's own balance sheet.
Pricing is structured as a one-off setup fee plus an ongoing administration fee expressed as a fixed annual amount and a basis-points charge on AUM. Exact figures depend on jurisdiction, complexity and expected size. We share a full fee schedule and indicative quote after the initial strategy review.
From strategy review to first ISIN in 4–8 weeks. Talk to our structuring team.