Setting up a family office / Question 3
What can a family office delegate, and what stays?
Managing a portfolio can be handed to an authorised portfolio manager, who must then enquire about the family’s financial situation, investment objectives, knowledge and experience. What stays with the family is the overview: which mandates exist, what each is for, and how they add up.
Antevo Mandates · A written reply, usually within one business day
01 / What can go out
Portfolio management, to an authorised manager.
A portfolio manager manages individual portfolios, and may also provide investment advice, portfolio analysis and the offering of financial instruments. (FinIA Art. 19)
Managing assets for clients on a commercial basis requires FINMA’s authorisation before the activity begins. (FinIA Art. 5; FINMA)
Make a private enquiry02 / What the manager must do
Ask first, then manage.
Portfolio management is a financial service under the Financial Services Act. (FinSA Art. 3(c))
A provider of portfolio management must enquire about its client’s financial situation and investment objectives, and about the client’s knowledge and experience. (FinSA Art. 12)
Make a private enquiry03 / What stays
The overview stays with the family.
Each manager answers for its own mandate. Which mandates exist, what each one is for and how the positions add up across them is the family office’s own work, and so are the decisions to hire, brief and replace a manager.
Where an office manages solely the assets of persons with family ties to it, FinIA does not apply to the office itself. (FinIA Art. 2(2)(a))
Make a private enquiry04 / In Antevo
One morning review across every mandate.
Antevo Mandates reads positions against their mandates and prepares a morning review, with client context and supporting evidence ready for your assessment. Your office makes the assessment. Tell us how your mandates are set up, in confidence.
Make a private enquirySources
Where this comes from.
The count behind the figures and the primary sources for every legal point. Intelligence, not advice: nothing here is legal, regulatory or tax advice, and your lawyer confirms whether and how the rules apply to your office.