Aurels Conseil
Consolidation of managed accounts and alternative strategies
Your assets spread across several managers, brought together in a single reading: aggregate currency risk, cross-exposures and total cost become visible, and you decide with full knowledge.
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A consolidated view of all your managed accounts, to steer your entire allocation.
The multiplication of management mandates, common for a private investor or a family that has gradually diversified its banking relationships, produces a paradoxical effect: each manager optimises their own compartment, and the overall view falls to you. Consolidated reporting then becomes the first condition of a truly informed allocation decision, well before comparing performance between managers.
Managed account architecture
Setting up a segregated managed account makes it possible to retain direct ownership of the securities held with each selected manager, while centralising reporting and risk control at the level of the principal. This architecture reduces the counterparty risk inherent in a pooled fund structure, while retaining external management expertise.
Example : a family holding positions with four different managers regains, by moving to a managed account architecture, the overall view of its real exposure: aggregate currency risk and sector overlap between mandates can be read in a single place, and the selected managers retain the management.
Integration of alternative vehicles
Access to hedge fund strategies, whether fixed income arbitrage, discretionary macro or long/short equity positions, requires balancing the liquidity sought by the investor against the redemption windows specific to each vehicle. This balance is documented case by case, rather than by reference to a generic target allocation.
Impact-aligned tax planning
A managed account architecture lends itself, more than a commingled fund, to introducing exclusion filters or shareholder engagement criteria specific to the investor. The interplay between this customisation and the tax treatment applicable to the chosen vehicle is examined upstream, in liaison with the group’s Impact Investing division when alignment with sustainability objectives is sought.
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