6. What is an External Manager of the Private Bank?
In fact, the expression “External Manager of the Private Bank” is a bit inaccurate. An external manager is only an independent financial advisor and does not have any relation to the bank. Such managers are appointed and authorized by their customer (not by the bank) to manage his/her fund in the custody of the Private Bank. The Private Bank basically acknowledges any person with such authorization as an external manager. Such financial advisors sometimes refer to themselves “external managers of the private bank” or “private bankers,” but actually they are not related to any banks.