Banca Finnat offers a specific “depository bank” service to “third-party account managers”, which is highly useful for the requirements of intermediaries (SGR, SIM, etc.) that are authorised to manage portfolios individually but that:

• are not authorised to «hold, even temporarily, clients' cash and financial instruments»
• have clients, or operating models, that envisage a distinction between the role of account manager and that of Custodian and therefore wish to deal with an institution where their “managed” clients have a banking relationship (securities deposit and current account) and which carries out all the activities relating to the settlement of transactions, and the custody and administration of the financial instruments being managed.

In these circumstances, Banca Finnat opens banking relationships (current account and securities deposit) with the end clients, which will be instrumental to the provision of portfolio management services by SGR/SIM.

Banca Finnat has many years' experience as a “custodian for third-party account managers” and carries out this role based on consolidated contractual arrangements and solid organisational and IT procedures that guarantee effective dialogue between the Bank and the Account Manager. The latter will therefore be able to devote itself fully to its core business: managing the portfolio and the relationship with the Client. At present, our custodian services are provided to the Clients of various account managers, each with its own IT procedures, operating models and requirements, which demonstrates our ability to approach intermediaries with a properly flexible and customised service.

The Bank is particularly qualified to act as custodian (even for corporate players such as Insurance Companies, Social Security Agencies and Foundations), as it can demonstrate extraordinarily high capital ratios (and therefore a “strength” that is very reassuring for the client) as well as a tradition of confidentiality and care in the relationship between the client and the SGR/SIM from the outset, ensuring it remains exclusive.

If your bank is interested in this service, please contact us for the necessary technical and commercial agreements: istituzionali@finnat.it.