Flexible vehicle structures, built with clarity.
AIQ prioritises transparent and liquid fund structures where appropriate to institutional objectives and mandates.
Our flexible structures
1Institutional allocator
2Investment structures
The primary structure. Funded from your own capital, with position-level transparency and liquidity, and no commingling with other investors.
The best for emerging managers. LODs operate as an account arrangement rather than a vehicle structure. A narrower form of a managed account than an SMA.
Scale exposure incrementally, below full SMA minimums. Held with third-party custodians under their liquidity terms.
A commingled investment fund is established by a hedge fund manager or Commodity Trading Advisor (CTA), pooling capital from multiple investors within a single investment vehicle.
3Investment implementation
Separately Managed Accounts (SMAs) may involve an internal or external platform manager responsible for coordinating investment structuring, governance, manager selection, fee arrangements, and ongoing oversight.
The allocator establishes the investment framework, including operational due diligence requirements, service provider selection (administrator, prime broker, and auditor), investment guidelines, risk parameters, and implementation timelines.
Upon completion of the structuring and approval process, trading authority is delegated to the selected manager or managers identified through Allocator IQ by a Limited Power of Attorney (LPOA) over the allocator’s account, subject to the agreed investment mandate, risk limits, and applicable account documentation.
The allocator opens and funds its own account at an FCM and signs a letter directing the broker to execute a trader's trade instructions. The trader supplies the instructions; execution sits with the broker.
An AMC is established through an issuing bank or Special Purpose Vehicle (SPV), which defines the certificate’s legal structure, investment mandate, and fee arrangements.
An appointed investment manager is authorized to manage the underlying reference portfolio in accordance with predefined investment guidelines and risk parameters. The issuer then creates a tradable security, typically assigned an ISIN, providing investors with exposure to the strategy without direct ownership of the underlying assets.
Throughout the certificate’s lifecycle, the investment manager adjusts portfolio exposures while the issuer and designated service providers oversee valuation, reporting, and administration.
Investors allocate capital to a commingled fund under established subscription terms, often with lower minimum investment requirements than separately managed accounts.
The fund manager invests pooled capital in accordance with the fund’s investment strategy, mandate, and risk parameters. Liquidity provisions, redemption rights, and withdrawal restrictions are defined by the fund’s governing documents.
How an allocation sits inside a family-office book
This example starts from the average family-office book reported by Citi Wealth and directs 10% of it to a managed-futures sleeve. The core portfolio stays in place. The sleeve is implemented through the structure, or mix of structures, that fits the mandate.
- Public equities 30%
- Fixed income 16% → 11%
- Cash 12% → 7%
- Private markets 20%
- Real assets 13%
- Hedge funds 4%
- Other 3.2%
- Managed-futures sleeve 0% → 10%
Existing book: average family-office allocation 98.2%
Book with a managed-futures sleeve 98.2%
The 10% sleeve, by structure % of book
Source: Citi Wealth, 2026/27 Global Family Office Report, pp. 51 to 52 (351 family offices); figures as published, totalling 98.2%. The sleeve is an example, not a recommendation. Gnosis does not manage assets, hold custody or execute orders.
Flexible minimum tickets
Minimum tickets vary by structure. Each structure balances transparency, liquidity and control differently. One view, four structures.
| Attribute | SMASeparately Managed Account | LODLetter of Direction | AMCActively Managed Certificate | CFCommingled fund |
|---|---|---|---|---|
| Minimum ticket | Variable, from USD 25K to USD 20M | Set by the allocator’s FCM accountFigure to confirm | Below SMA minimums; scales in incrementsFigure to confirm | Typically lower than SMAsFigure to confirm |
| Transparency | Position-level | Position-level, in the allocator’s own account | Issuer reporting | Periodic fund reporting |
| Liquidity | Set by the account | Set by the account | Set by the certificate issuer | Set by fund terms; lock-ups common |
| Control | Allocator | Allocator; trader instructs, broker executes | Issuer, with third-party custody | Fund |
| Suits | Allocators that want their own account and a full position-level view | Allocators backing emerging managers through an account they already hold | Allocators that size and rebalance exposure in smaller steps | Allocators seeking pooled access under standard subscription terms |
Ticket sizes are set per program and structure and are confirmed during onboarding. Gnosis does not manage assets, hold custody or execute orders.
Optional FCM / PB relationships
Managed-account setup can be supported through optional FCM/PB relationships, or through a relationship the allocator already holds. A Gnosis-side FCM relationship is referenced here as a placeholder and is not a confirmed partnership.
Request an introduction
Tell us about your mandate and we'll follow up about structures that may fit. (Introductions are facilitated where desired; Gnosis does not recommend or select managers for you.)