Our services
We make any asset investable
Blackbull specializes in converting private equity and alternative assets into bankable, transferable Certificate Notes with their own ISIN, accessible to qualified investors in the regulated capital markets.
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Turn your asset or opportunity
into an investable proposition.
Services
From asset to ISIN
We financial engineer any traditional or alternative asset to make it investable, specializing in converting private equity, illiquid, and non-bankable assets into Certificate Notes - bankable, transferable instruments with their own ISIN, held directly in an investor's bank account.
Core service
Certificate Notes
We make any asset investable
A Certificate Note is a bankable, transferable security issued against your asset or strategy. It carries its own ISIN, settles through the regulated international clearing and settlement system that banks already use, and can be deposited directly into an investor's bank account like any other holding.
This is how a company's private equity is made investable. How a Ferrari collection becomes a portfolio line. How a music catalogue becomes subscribable. How a superyacht's charter income becomes a cashflow-backed instrument. How a sports team raises capital. How art and luxury collections can be leveraged. The underlying assets change; the mechanism does not.
At a glance
- InstrumentAMC / CLN / Tracker
- IdentifierISIN
- Held viaInvestor bank account
- TransferableYes
- ValuationIndependent
- UnderlyingAny asset of value
- InvestorsAsset managers & qualified
- EnvironmentFully regulated
Selected mandates
Certificate Notes we have engineered
Also available
Further services
Meeting global funding sources
Meet qualified capital sources in person, one-on-one, to discuss the funding of your company. Every introduction is drawn from a global network of private and institutional investors.
That network spans Europe, USA, and Asia, with combined managed assets above USD $100bn, and we guarantee the sources you meet are both qualified and interested.
- Europe · USA · Asia
- $100bn+ network
- One-on-one
- Qualified sources
Getting listed cost-effectively
A pay-as-you-go route to a capital market listing. We begin by matching your company's qualifications against the listing suitability of targeted exchanges, so you only pursue venues that fit.
You then select your preferred venue from those that matched, and Blackbull processes and executes the listing on it, keeping the cost to what the outcome genuinely requires.
- Pay-as-you-go
- Suitability match
- Venue selection
- Processed & executed
Feasibility
Not sure your asset can be wrapped
into a certificate note?
Ecosystem
Licensed and Regulated
Operating within a licensed and regulated ecosystem, Blackbull facilitates the advisory, financial engineering, asset management, issuance, and distribution of its investment products, providing confidence and security to both clients and investors.
The platform
The Structured Capital Platform
Blackbull is an official partner of the Structured Capital Platform, the layer that connects asset management, financial engineering, product issuance, and product distribution across a group of specialist member entities, each handling one part of a transaction so that the whole remains institutional-grade end to end.
Affiliated Institutions
Capital markets & Financing Institutions
Blackbull instruments are admitted, listed, traded, and financed across a network of traditional exchanges, OTC markets, digital venues, and financial institutions. Our affiliations include institutions such as SIX SIS, Euroclear, Swissquote Bank, Incore Bank, ISP Securities, Kraken, and more, so each mandate can be placed where it genuinely belongs.
The Circle
Private Capital Network
About
Who we are
Blackbull is a boutique capital advisory and financial engineering firm turning private, illiquid and non-bankable assets into investable instruments. Leveraging our private capital markets network, backed by a team of senior executives with a footprint across six continents and more than twenty years of transactions engineered, Blackbull specializes in making any assets investable.
People
The team
A 30-year track record in investments, capital markets and policy across 30+ countries. Co-founded The Maestro Group, advised U.S. Senator Max Baucus, and spent thirteen years at UBS.
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Focused on structured products, digital-asset listings and securitisation across the certificate programmes. A 2018 World Blockchain Summit speaker and an Edinburgh engineering graduate.
LinkedIn ↗
A valued member of the advisory board for Asia, instrumental in building the firm's relationships across the region and a fixture at its early engagements. Remembered with deep gratitude.
Advisor for Asia with decades of chief-of-staff experience to senior executives and board members across finance, transportation, mining and technology, and Asian-European market transactions.
Advisor for North America in international trade and government relations. Chairman of Jinboast E-Commerce Tianjin, former CEO of the Global Trade & Technology Center, and an NYU MPA.
Global footprint
Where we have been active
Status: 2026
Cities with more than one entry are outlined in gold — click one to zoom in. Click a category above to filter the map.
In their words
References
News
Issuances & announcements
Selected mandates, launches, listings, and completed transactions engineered by Blackbull. This is a running record of corporate news, investment instruments, and capital market admissions delivered for clients across Europe, the Americas, Africa, and Asia.
Guides · The basics
AMC or fund: which structure for your strategy?
A manager with a strategy and investors waiting has two classic routes: launch a fund, or wrap the strategy in an Actively Managed Certificate. They suit different stages and different investors.
The core difference
A fund is a collective investment scheme. It is its own legal structure, authorised or registered with a regulator, with a depositary, an administrator and rules on what it may hold. Investors own units of the fund. An AMC is a security issued by an issuer whose value follows a portfolio that the manager runs. Investors own a claim on the issuer.
Both give investors managed exposure through a single holding. The difference lies in the legal form, the protections, the cost and the time to market.
Side by side
Actively Managed Certificate
AMC- Legal form
- Debt security of the issuer
- Time to launch
- Weeks, mainly onboarding
- Cost
- Moderate one-off and running fees
- Product approval
- No product authorisation
- Investors
- Mainly professional and qualified
- Asset protection
- Issuer risk; segregated compartments help
- How it is held
- ISIN, held in bank custody
- Best for
- Launching or focused strategies
Investment fund
Fund- Legal form
- Collective investment scheme
- Time to launch
- Months, including authorisation
- Cost
- Higher set-up and running costs
- Product approval
- Authorised or registered scheme
- Investors
- Wide, including retail where authorised
- Asset protection
- Assets ring-fenced with a depositary
- How it is held
- Units, often with an ISIN
- Best for
- Scaled, widely distributed strategies
Managed account
Mandate- Legal form
- Agreement per client
- Time to launch
- Days to weeks per client
- Cost
- Per-account administration
- Product approval
- Manager's own licence
- Investors
- One client at a time
- Asset protection
- Client owns the assets directly
- How it is held
- Assets in the client's own account
- Best for
- Large single clients
When each makes sense
An AMC suits a new strategy that needs a track record, a manager serving a defined group of professional investors, or a strategy with unusual underlyings that a fund framework would not easily accept. It is fast and has a modest fixed cost.
A fund suits a strategy that has scaled, needs wide distribution, including to retail investors, or serves institutions whose mandates only allow authorised funds.
Many managers use both in sequence: an AMC to launch and build a record, then a fund once the assets justify it.
Example of our structuring work · MandateBlackbull engineers AMC for European asset management firmMandated to engineer and launch a tailored Actively Managed Certificate as the financial vehicle for a European asset management firm. Read the release →
General information only. This is not financial advice. See the important information at the foot of this page.
Blackbull in practice
AMCs for asset managers
Examples of Blackbull’s structuring work, shown for illustration only. They are not an offer, a recommendation or an invitation to invest in any of these instruments.
Blackbull engineers AMC for European asset management firm
Mandated to engineer and launch a tailored Actively Managed Certificate as the financial vehicle for a European asset management firm.
Read the announcement →
AMC for Swiss asset management firm, designed by Blackbull, goes live
The AMC designed and engineered for a Swiss asset manager is officially live.
Read the announcement →
NETWRK Capital Index AMC, designed by Blackbull, goes live
The NETWRK Capital Index AMC, designed and engineered for a Swiss crypto asset management firm, is officially live and ready for subscriptions.
Read the announcement →Does the manager need a licence to run an AMC?
The issuer and the investors' banks will expect the manager to be appropriately licensed or supervised for portfolio management in its own jurisdiction. Requirements vary by country.
Can an AMC be converted into a fund later?
Not directly, but investors can be offered a switch into a newly launched fund. Planning the transition from the start makes it smoother.
Is an AMC riskier than a fund?
It carries issuer risk, which a fund does not, and it lacks fund-level regulatory protections. Segregated compartments and collateral arrangements reduce issuer risk.
Sources
- Swiss Collective Investment Schemes Act (CISA).
- Directive 2009/65/EC (UCITS) and Directive 2011/61/EU (AIFMD).
- Swiss Financial Services Act (FinSA), in force since 1 January 2020.
Important information. This guide is not financial advice. It is general information about how certain financial instruments work. It is not investment, legal or tax advice, and it is not an offer or a solicitation to buy or sell any security. Certificate Notes are complex instruments: their value can fall as well as rise, investors can lose some or all of the amount invested, and they are exposed to the credit risk of the issuer. Many are available only to professional or qualified investors, and the rules differ by country. References to Blackbull mandates and launches illustrate our structuring work, are shown for illustration only, and are not an indication of future results. Blackbull Equities provides advisory and structuring services; it does not itself issue securities, accept deposits or manage client assets. This website is not directed at persons in any jurisdiction where its content would be unlawful, including the United States. Seek independent professional advice before making any investment decision.