Just as doctors strive for the well-being of their patients, our motivation is the investment success of our clients.
That is why our services cover all the areas that are decisive for their success. These may be divided into five categories:
1. Defining the objectives
2. Allocating the assets
3. Implementing the strategy – including selecting the service providers
4. Overseeing and monitoring performance
Each of these five categories contributes to overall success and requires careful handling. After all, while it is true that asset allocation determines the essential elements of performance, faulty implementation or deficient governance may have a serious impact on results.
Our services benefit not only from powerful tools which permit a factual and fine analysis of the financial markets and the portfolios, but also from our continuous research into the latest issues affecting all the assets likely to appear in our clients’ portfolios.
Nevertheless, in a sector characterized by considerable confusion and the ensuing risk of poor decisions, it is our analytical capacity, based on our knowledge, experience and independence of mind, that makes us stand out from ordinary specialists in the sector. Our clients appreciate the thoroughness of our diagnostics and the clarity of reasoning on which our advice is based. Our style helps to create consensus and facilitates reasoned decision-making.
We nurture long-term relationships with our clients. With the passage of time, knowledge of their individual characteristics enables us to adapt our services even more closely to their particular situation.
A wealth of experience improves future decision-making. The systematic organization and transmission of this experience is an aspect of our services that grows in value over time.
The accumulation of experience improves future decision-making. The systematic organization and transmission of this experience is an aspect of our services that grows in value over time.
A more detailed list of these five categories hereafter provides an outline of what we do.
Outline of our services
I. Investment goals
- What is the desired target return?
- What would be a realistic performance target?
- Does the performance target need to be reviewed?
II. Strategic allocation
- Which asset classes may be included in the portfolio?
- What are the expected return and characteristics of each asset class?
- What percentage of each asset should be included in the portfolio?
- What is the downside and upside potential of the various assets?
- Are the assets sufficiently diversified?
III. Implementation of the strategy
- Are the assets exposed to risks other than market risks?
- How should the assets be structured?
- Should the assets be managed actively or passively?
- What criteria should be used to select asset managers or custodian banks?
- How do we define clear mandates for portfolio managers?
- What is the true cost of managing the assets?
- What are the appropriate rules for rebalancing?
- How should transitions be managed?
- How should assets be monitored from the transaction to the aggregate level?
IV. Reporting, monitoring and controlling
- What is the return of the consolidated assets and of each portfolio?
- What are the sources of return?
- How do these compare to relevant benchmarks?
- Are the assets being managed in compliance with legal and contractual obligations?
- Is there an over-exposure to risk?
- Are the costs under control?
- Are the costs aligned with expectations?
- Can we achieve the same result at a lower cost?
- Are the assets being managed in a tax-efficient manner?
- Should the investment strategy be reviewed?
- Are there good reasons for changing an asset manager?
- Are the performance drivers behaving as expected?
- Do we need an Investment Charter? What should it include?
- Is there an appropriate division of responsabilities as regards managing the assets?
- Is the decision-making process efficient?
- Is the time spent on investment issues used as efficiently as possible?
- Does the governance of assets need to be improved?
- How can we efficiently gather information about emerging trends (concepts, strategies, products)?