If you have decided to entrust your assets to an external asset manager (EAM), Credit Suisse acts as a custodian bank in cooperation with EAMs.
Your EAM would act solely based on your instructions and is neither an employee nor a representative of Credit Suisse. Please be aware that Credit Suisse cannot take responsibility for the regulatory compliance of the EAMs it cooperates with.
For clients managed by an EAM some particularities apply (not exhaustive):
EAMs will also classify clients into institutional, professional and retail clients and will, depending on the classification, obtain information on clients’ knowledge and experience with respect to financial instruments. When providing investment advice or making investment decisions, the EAM (and not Credit Suisse) is responsible for matching financial instruments with clients’ suitability and appropriateness profiles. For the avoidance of doubt, Credit Suisse will not perform any suitability and appropriateness assessment and, thus, will not check the client’s knowledge and experience, ability to bear financial risks and investment objectives in situations where clients are served by an EAM and Credit Suisse acts a custodian bank.
Furthermore, depending on the above-mentioned classification, when providing investment advice for specific financial instruments, the EAM should provide information on financial instruments prior to an investment decision and must document the advice given (advisory minutes).
EAMs generally will disclose costs and related charges prior to an investment decision or prior to concluding a portfolio management agreement, taking into account the client’s classification and services provided. FinSA investment report will encompass only Credit Suisse costs. The EAM should also inform clients additionally about their own costs and charges.