客户经理和私人银行外部资产管理两模式确实在许多方面大有相似。但您资金管理者的利润来源正是一大关键要素，也是两模式的分别之处。我们将探讨以上的细节，以帮助您确认哪种模式更适合您的投资需求。
私人银行模式
设想一下：高净值个人或家庭在某一司法管辖区（如新加坡或香港）的私人银行开立账户。随后，银行为客户安排了一位客户经理人（RM）负责处理与账务相关的全部事宜。这是银行的传统做法。
The RM taps into the bank resources to sell its products to the client, which generates revenue for the bank. Resources from the bank may include consultancy, asset allocation, portfolio management, bank services, and insurance, to name a few.
Another product is the investment research. This is called “sell-side” research because they are written to help sell the bank’s products or services to the client. The research is typically done by a team of analysts at the bank.
The RM takes these research ideas and packages them into products for the client. That can be direct brokerage, for example, where they buy into the stock or bond and a commission is charged, or it can be the sale of structured products created by the bank.
RM的一部分报酬取决于他所能卖出的银行产品。银行为他们制定了年度收入和账户数量增长目标。这是一个很重要的注意事项，我们稍后会讨论其中原因。
The RM is remunerated in part by how much bank “product” he or she can sell. They are assigned a yearly revenue and account growth targets. This is an important note to make, for a reason we’ll get into later.
RM每月领取基础工资，工资与银行收入之间的差额通常作为奖金发放。因此，RM在银行中的排名越高，银行为其制定的收入目标就越高。从而在年复一年中，其实现这些目标的压力就越大。
This can be considered a conflict of interest and may do a disservice to the client. Is an RM obliged to serve the private bank and its sell its products, or to serve the best interests of the client? Naturally, we expect all RMs to put their clients first, but to assume that this is always the case would be imprudent.
We’ve seen high-profile stories in the media where the worst-case scenario plays out; the client’s portfolio is unable to withstand a market shock, and the bank issues a margin call forcing the client to sell off his assets in adverse market conditions at low prices.
These preventable incidents can cause the client major losses through the mismanagement of their wealth and ruin the relationship with the bank.
But there are some excellent RMs who pay attention to detail, who understand their client’s needs and risk profiles, and are trusted for their expert and fair financial advice. It is important to have an RM who serves your needs and can add value to your finances, not theirs.
外部资产管理人模式（EAM）
The external asset management (EAM) model seeks to eliminate the inherent conflicts of interest in how private banks operate with their clients. The model started in Switzerland a few decades ago and is becoming increasingly popular in Asia.
In an EAM model, the private bank continues to act as custodian of the client’s assets and provides the trading platform, but the provision of investment advice is then subbed out to an independent asset manager. The client issues a limited Power of Attorney to the manager, who works for the client, not the bank.
Eu Capital operates independently under the EAM model. We have no bias towards any banks. Instead, our team advises based on the client’s needs. We advise our clients to choose a well-capitalised bank that charges reasonable brokerage fees, and we conduct our own primary “buy- side” research—we research to buy value investments for you in the markets, not sell you products.
As managers of both investment and risk, independence is paramount. Only through independence can we seek the value of a good investment decision. In this Information Age where the markets present us with a never-ending stream of often conflicting news and opinions, an independent mind is best placed to investigate, calculate, analyse and decide.
我们的目标很简单：简化流程，丰收回报。剩下的事情就顺其自然吧。