Comparto vs AMC
An AMC is a product line issued by a bank, shared with other strategies. A Comparto is a dedicated Comparto, with its own ISIN and full asset segregation. The difference shows up most in custody and investor reporting.
An AMC (Actively Managed Certificate) is a certificate issued by a bank. It makes a strategy subscribable quickly, but it remains one line among others in the issuing bank's programme.
A Comparto is an issuance cell dedicated to a single transaction or a single strategy. Its assets, cash, liabilities and investors belong to it alone and never mix with those of another Comparto.
The most visible practical consequence concerns custody. An AMC is often tied to the issuing bank's infrastructure, while a Comparto settles through standard channels and is held at the investor's usual custodian bank.
A second difference is the ISIN. An AMC frequently shares a series with other lines in the same programme. Every Comparto has an ISIN of its own.
Finally, an AMC's reporting is standardised by the bank. A Comparto's reporting is tailored to each Comparto and its investors.