#19 Luca Bianchi - Partner at Kellerhals Carrard
- Stefan Wagner
- Jul 4, 2021
- 1 min read
Updated: May 6, 2025
The Nalu Finance Podcast

In this episode of Nalu Finance, we sit down with Luca Bianchi Partner at Kellerhals Carrard to explore the legal and regulatory foundations of Actively Managed Certificates (AMCs).
Luca dives deep into the complexities of structuring AMCs, including:
What defines an AMC legally, and why the distinction from funds matter
Key Regulatory Considerations in Switzerland
Why off-balance sheet issuance is gaining traction
He also discusses the growing role of AMCs in private markets, from real estate to art, and why robust documentation is essential for long-term credibility.
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🎙️ Transcript:




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