{"id":2408,"date":"2026-09-20T10:52:27","date_gmt":"2026-09-20T08:52:27","guid":{"rendered":"https:\/\/www.aurels.lu\/?page_id=2408"},"modified":"2026-09-28T19:22:16","modified_gmt":"2026-09-28T17:22:16","slug":"direction-investissements","status":"publish","type":"page","link":"https:\/\/www.aurels.lu\/en\/aurels-conseil\/direction-investissements\/","title":{"rendered":"Independent investment management"},"content":{"rendered":"
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Aurels Conseil \u00b7 Fractional CIO<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Independent investment management<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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An independent view, separate from your bank, of the allocation of your assets: before every decision, you know what your estate really earns you and what it costs you.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Or call us directly: +352 621 432 190<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Independent investment governance, serving your interests alone.<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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Your bank holds your assets, advises you on their allocation and receives, on some of the products it recommends, commissions or retrocessions. None of this is illegal, nor necessarily done badly. But in this arrangement, nobody has the sole task of checking that the advice received serves your interests first.<\/p>

Economic theory has given this configuration a name. For Jensen and Meckling<\/a> (1976), as soon as a principal entrusts a task to an agent whose interests may diverge from their own, and who knows more than they do, delegation carries a cost: agency costs<\/strong>. The framework accuses no one; it simply shows that the incentive structure does not, by itself, protect the client.<\/p>

Consider an entrepreneur who has just sold their company and splits the proceeds between two banks. Each proposes a \u201cprudent\u201d allocation. Neither sees that the two combined overexpose them to the same sector and the same currency, nor that part of the funds selected pays a retrocession to whoever recommends them.<\/p>

Our role is to bring all your assets together, at regular intervals, into a single reading, however many banks are involved, and to check three things:<\/p>