XdC · Diez de Cambournac
Private bank or asset manager: who does what?
A private bank and an asset manager can work together. The bank may provide banking services and, depending on its offering, investment management; the manager acts within its mandate. To understand a proposal, ask who holds the assets, who makes decisions and who charges fees.
By Diez de Cambournac · Published on
Who makes investment decisions?
Under discretionary management, the professional makes the decisions covered by the mandate within agreed limits. In an advisory relationship, the client retains the decision to accept or reject a proposal. Ask for the distinction to be explained in the contractual documents rather than relying on the commercial name of the service.
The CSSF distinguishes portfolio management from investment advice among investment firm activities. Checking a provider’s status is therefore not enough: you also need to understand the specific service it is authorised to provide.
Can you keep your bank and appoint an external manager?
This arrangement must be confirmed with both the bank and the manager. Ask whether they can work together, which agreements are needed and how instructions and statements are exchanged. “External” describes an arrangement; it guarantees neither complete economic independence nor superior results.
How can you compare fees without overlooking a provider?
Separate management, custody, transaction and investment product costs. Ask who receives each payment, what is included and whether third-party payments exist. Request an overall view using the same service and activity assumptions.
For ongoing support, ask a practical question: “If I do not understand a transaction or cost, whom should I contact?” The answer should identify a responsible contact for each issue rather than send you from one provider to another.
What should you discuss with Charles first?
Explain whether you primarily need banking services, want to review a mandate or wish to delegate investment management. Diez de Cambournac prepares introductions and coordinates conversations; XdC is neither a bank nor an asset management company. Choosing a mandate and assessing its suitability belong in the discussion with the authorised professional.
Sources and references
Sources consulted on 2 October 2026. The institutions cited are documentary references; their mention does not imply a partnership or recommendation.
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