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, against six to twelve months to authorise and launch 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.
Noray in numbers
Switzerland, Luxembourg, Guernsey and the Cayman Islands.
Certificates, notes and exchange-traded products across the platform.
Cumulative issuance volume since the platform launched.
From signed mandate to a live, bankable security.
The Noray Launch Path
A white-label AMC runs the same six steps as every other product on the platform. The brand and the strategy are yours; the vehicle, the compartment, the ISIN and the lifecycle administration are already in place, which is why the path starts at your compartment rather than at an incorporation.
typically 4–8 weeks to first ISIN
Agree what is being issued, and in which kind of vehicle.
Match the issuing jurisdiction to the investor base and the assets.
Draft the terms and clear onboarding.
Turn the structure into something a bank can actually book.
Issue the first units and open the product to investors.
Run the product: valuation, flows, corporate actions, reporting, audit.
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 coordinated by Noray Capital SA is an ISIN-bearing security issued from a ring-fenced SPV compartment, branded and managed under the client's name. You define the investment strategy; we coordinate the legal, structuring, settlement and administration infrastructure required to make it bankable across private banking networks.
Four to eight weeks from the strategy review to the first ISIN, depending on the jurisdiction and the complexity of the underlying. Guernsey cell structures are the fastest at four to six weeks. A regulated fund covering the same strategy takes six to twelve months.
A white-label AMC plugs into an existing multi-jurisdictional platform in 4–8 weeks with no captive infrastructure. An in-house AMC requires you to establish and govern your own securitisation vehicle, its documentation, its counterparty relationships and its ongoing administration — typically a nine to twelve month build that keeps generating governance obligations whether or not you issue. With Noray, one coordination point covers four jurisdictions.
There is no hard floor. The right launch size depends on the strategy, the target investors and the chosen jurisdiction, and is agreed during the strategy review so the structure is sized appropriately.
The legal issuer is a bankruptcy-remote special purpose vehicle 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 vehicle, segregated from other compartments and from the issuer's own balance sheet. Noray Capital SA is the structuring coordinator, not the issuer.
Yes. The certificate, its factsheets and its investor reporting carry your name and your positioning. From the investor's side the AMC is your product; the issuance infrastructure behind it is not visible to them.
Often, yes. Portability of a compartment to another platform or to a vehicle of your own is a question worth settling before signing, precisely because it is much easier to agree at the start than to negotiate later. Managers commonly prove a strategy on a platform and establish their own vehicle once the programme justifies the standing governance.
From strategy review to first ISIN in 4–8 weeks. Talk to our structuring team.