Smart Return Solutions

Enhanced treasury solutions seeking cash returns typically higher than traditional treasury instruments with tight risk control maintenance and avoiding direct exposure to market fluctuations.

Smart return solutions - header

Going beyond traditional liquidity management

In an environment characterised by interest rate volatility and episodic market stress, institutional investors increasingly seek solutions that enhance cash returns without compromising liquidity and capital preservation.

 

Our Smart Return Solutions are designed to capture a structural premium embedded in the bank funding market, a premium that is typically inaccessible through traditional treasury instruments such as cash and term deposits, while maintaining conservative risk parameters and high operational standards.

Going beyond traditional liquidity management

Smart solutions -why choose amundi

Building lasting value together

  • Seeks to outperform the overnight rate
  • The target performance premium is defined in advance
     

  • Aims to provide a unique risk premium linked to bank financing needs
  • Designed to deliver near-zero volatility
  • Returns are driven by structured agreements with banks rather than market price fluctuations

  • Aims to offer daily liquidity with D+1 settlement
  • Transactions are 100% collateralised and executed with high-quality bank(s) counterparties
  • Includes active management of credit risk

How does the strategy work?

Our strategy uses a dual-transaction structure with systemic banks seeking alternative sources of funding, enabling predictable returns within a controlled counterparty framework.

  1. Our vehicle buys a diversified pool of assets from the bank

  2. The bank pays the vehicle a premium over the overnight rate (fixed upfront) in exchange for the assets' performance 

Smart return solutions - invest approach

Source: Amundi

Further details on the performance, investment process and structuring framework are available upon request and tailored to your needs.

 

Why choose Amundi?

+€45bn

AUM in Smart Return Solutions1 

+11 year

Track record delivering Smart Return solutions1

6

dedicated Portfolio Managers specialised in banking solutions

Smart Return Solutions in action

Smart Return solutions are designed to provide targeted, capital-efficient tools to help you navigate evolving market conditions.

 

Where can these solutions add value:

  1. Alternative to bank deposits

  2. Defensive allocation during portfolio deleveraging phases

  3. Insurance capital and regulatory efficiency

  4. Strategic cash allocation

  5. Return smoothing and accounting volatility management

  6. Asset & Liability Management (ALM)

Smart Return Solutions in action

Smart return solutions in action

Where can I get more details or speak to someone?

Contact our dedicated team

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1.Amundi, as of 31/03/2026

Frequently Asked Questions
Have questions? We’re here to help

A range of investment strategies combining ownership of asset baskets with fully collateralised Total Return Swaps (TRS) to deliver a money‑market‑style return (OIS + spread) with daily liquidity. The strategy is available through multiple investment vehicles, including commingled funds, dedicated funds and segregated mandates.

The vehicle purchases a basket of assets and uses a TRS with bank counterparties, so it receives Overnight Index Swap (OIS) plus a spread, while the counterparties receive the performance of the asset basket.

Economically no — the TRS neutralises equity performance so net equity exposure is close to zero; residual risk relates to counterparties and collateral.

Who are the counterparties?

A selected panel of investment banks. Exact counterparties and spreads differ by sub‑fund and are available on request.

Contracts include margining and collateral monetisation procedures; the manager may liquidate collateral and portfolio assets as required. Full details are set out in the contractual documents.

The solutions are not marketed as cash equivalents, though some investors may obtain such treatment from their auditors. Accounting classification depends on the investor’s rules.

Contact the Smart Return solution team