Asset Management: What it is and how it works at Banco Carregosa
At a glance:
• Asset management is a service in which a team of professionals actively manages a client’s investment portfolio, tailoring it to their financial assets and risk profile, with the aim of increasing their wealth over time.
• By delegating investment decisions to a specialist team, asset management allows you to save time while gaining access to professional analysis and management.
• At Banco Carregosa, these solutions fall into two main categories: Unit-linked products and Management Mandates, which are managed by the team in the Investment Department.
• Although it was originally developed for high-net-worth clients (Private Banking), at Banco Carregosa it is also available to clients in the Savings and Investment segments with smaller investment amounts.
One of the most efficient ways to invest without having to make every decision on your own is to delegate the management of your assets to those who monitor the markets on a daily basis. Find out what Asset Management is, how it works at Banco Carregosa, and which solutions are available to you.
What is Asset Management?
Asset management involves professionally managing investment portfolios, including shares, bonds, investment funds, among others, on behalf of clients. The aim is to grow capital in line with defined objectives and risk levels.
In practice, this requires active specialised management. Rather than selecting and monitoring each asset themselves, investors can rely on a dedicated team to continuously assess the market and adjust the portfolio. It differs from passive management, which is limited to replicating a benchmark index.
There are various forms of delegated management, ranging from unit-linked products to discretionary management mandates, in which the client delegates decision-making to the manager within an agreed investment policy.
How does Asset Management work at Banco Carregosa?
At Banco Carregosa, Asset Management is based on close relationships with clients and a dedicated investment team. Although the service is presented and overseen by the Account Manager or Private Banker, investment decisions are made by the Investment Department. This team is responsible for analysing markets and defining the asset management, portfolio management or discretionary management strategy for the portfolios.
This complementary approach, which maintains independence, ensures value and rigour: the person supporting you understands your objectives, and the investment team is specialised with its own analysis and decision-making process.
Depending on their profile and assets, clients can contract Banco Carregosa’s Asset Management services in two ways: as part of the Savings and Investment approach, or within the scope of Private Banking.
Banco Carregosa’s Asset Management solutions
The Bank’s product range is divided into two categories. You can select either by asset class (bonds, shares, and alternatives) or by investment profile (conservative, moderate or aggressive).
Asset Management: Unit-Linked products
An investment solution in the form of unit-linked products that combines professional management with a bespoke framework. There are two approaches available:
| By asset class | Description | By investment profile | Description |
|---|---|---|---|
| Global Bonds | A carefully constructed portfolio that focuses on security while maximising returns. | Adagio Preservation | Focus on capital preservation. A conservative approach when selecting the assets that make up the portfolio. |
| Alpha Value | Investment made through a combination of various alternative strategies, which aim to mitigate risk through significant diversification. | Andante Capitalisation | The aim is to achieve long-term capital appreciation by balancing risk and return. |
| Global Shares | Investment in the shares of global companies, with a focus on diversification and ongoing risk management. | Allegro Appreciation | The long-term goal is to generate high returns while maintaining a core portfolio of assets. |
One of the main advantages of this type of product is that it allows you to change your investment strategy without incurring immediate tax liabilities. This makes it possible to manage your investments more flexibly over time. Unit-Linked products offer tax advantages for investments held for more than five or eight years.
Asset Management: Management Mandates
Discretionary management involves delegating the management of your portfolio to a product manager in the Investment Department, in accordance with an agreed policy. It is available as follows:
| By asset class | Description | By investment profile | Description |
|---|---|---|---|
| Bonds | A portfolio consisting entirely of bonds for capital preservation. | USD Appreciation | The aim is to achieve higher returns in USD while retaining certain assets in the portfolio as an anchor. |
| Active Value | A share portfolio with high potential for returns. | ||
| Large Capitalisations | A portfolio of shares in companies that have high-quality business models. |
Asset Management provides a professional and personalised approach to financial wealth management, combining active management, diversification, tax efficiency and ongoing monitoring. We develop strategies in line with each investor’s objectives and risk profile. This promotes efficient allocation across different asset classes, as well as continuous monitoring to allow the portfolio to adapt to market developments. Where applicable, the selection of tax-efficient solutions helps maximise the potential for capital appreciation, while specialised management offers peace of mind, as investments are overseen by experienced professionals. This frees the investor to focus on their business and priorities.
You can find details of each solution on the Asset Management page of the Banco Carregosa website. The features, fees and associated risks of each solution are set out in the relevant pre-contractual documentation.
Unit-linked and Management Mandates: Solutions that offer greater potential for capital appreciation tend to be riskier and more volatile. No solution can guarantee a return. The capital may not be fully recovered. For more information, please refer to the risk profile and key information document for each solution.
What is the difference between Unit-Linked and Management Mandate?
Both are ways of accessing professional asset management at Banco Carregosa, but they do so under different frameworks. The choice depends on the objectives, time horizon and circumstances of each client.
A Unit-Linked policy is a type of investment solution that combines insurance with a fund. The capital is invested in professionally managed portfolios through an insurance contract, which provides its own tax and inheritance framework. The Management Mandate is a discretionary management contract. Under this contract, the client delegates the management of their portfolio to the Investment Department within a pre-agreed investment policy, while retaining direct ownership of the assets.
| Criterion | Unit-Linked | Management Mandate |
|---|---|---|
| Nature | Insurance linked to investment funds | Discretionary management contract |
| Ownership | Units under the insurance policy | Assets held directly by the client |
| Management | Professional, within the chosen solution | Professional and personalised, in accordance with the mandate |
| Taxation | Insurance-specific framework (may be advantageous over certain time horizons) | General investment income and capital gains regime |
| Flexibility / Personalisation | Standardised by profile or asset class | Greater portfolio personalisation |
| Suitable for… | Those looking for a simple solution with a specific tax and inheritance framework | Those seeking more personalised management and direct control over their assets |
In both cases, management is carried out by the Investment Department. The features, fees and risks of each solution are set out in the relevant pre-contractual documentation.
Advantages of Asset Management
Time and peace of mind
Hand over day-to-day management to professionals so you don’t have to monitor every market movement.
Access to expertise
Take advantage of the analysis, investment approach, and experience of our dedicated team of senior specialists:
• Mário Carvalho Fernandes, Chief Investment Officer at Banco Carregosa;
• Filipe Silva, Head of Investment at Banco Carregosa;
• Pedro Baldaia, Head of Equities at Banco Carregosa.
Diversification
Portfolios are made up of a mix of assets and geographical locations, which helps to spread the risk.
Tailored to your profile
The strategy is tailored to your investor profile and objectives, and is reviewed periodically.
Risks and costs to consider
As with any investment, asset management carries risks, including the possibility of losing capital. As performance depends on management decisions and market developments, there can be no guarantee of returns or of outperforming a benchmark index.
Professional management also incurs costs, notably management fees, which affect net returns and should therefore be taken into account. Specific conditions and a specific regulatory framework apply to unit-linked solutions as they take the form of fund-linked insurance, as detailed in the pre-contractual documentation. Before taking out a policy, make sure that it is suitable for your needs and objectives.
Who is the Asset Management service at Banco Carregosa intended for?
Asset management is aimed at individuals who want a specialist team to manage all or part of their investments, either because they lack the time or knowledge, or as a diversification strategy.
At Banco Carregosa, it is designed for both investors looking to build their wealth and private banking clients with more complex needs.
To find out which solution is best suited to your situation, contact our team.
About Banco Carregosa
For over 190 years Banco Carregosa has been developing its investment approach and philosophy with an eye on the future. We are proud to be a sound institution with solvency ratios above the sector average. As at 31 December 2025, our Common Equity Tier 1 ratio stood at 21.01%.
Originally a foreign exchange bureau founded in Porto in 1833, Banco Carregosa is the oldest financial institution still in operation on the Iberian Peninsula. It operates as a bank specialising in Private Banking and Wealth Management. The Bank is supervised by Banco de Portugal (registration no. 0235) and CMVM (registration no. 0169).
For the second consecutive year, Euromoney has recognised it as the "Best Pure-Play / Boutique Private Bank” in Portugal. Click here to view our other accolades.
Asset Management: FAQs
What is the difference between asset management and investment funds?
An investment fund is a collective portfolio in which you invest. Asset management is the professional management of a portfolio and may include discretionary management mandates or solutions such as unit-linked products.
Does asset management guarantee a return?
No. While the aim is to grow your assets in line with your risk profile, performance ultimately depends on market conditions and management decisions. Therefore, there can be no guarantee of returns or of outperforming the market.
Who makes the investment decisions?
The Investment Department at Banco Carregosa. The Account Manager or Private Banker presents and monitors the solution, while a specialised, independent team is in charge of management.
Legal Disclaimer: This article has been prepared by Banco Carregosa for information and educational purposes only. Under no circumstances does it constitute an investment proposal, recommendation to purchase, or personalised financial advice. Investing in financial instruments carries risks, including the possibility of losing your initial investment. Unit-linked solutions are insurance policies linked to investment funds. In these policies, the policyholder bears the risk. Before taking out a policy, check the terms and conditions, fees, tax implications and risks in the pre-contractual documentation (DIF/IFI and policy terms and conditions). Past performance is not a guarantee of future results. Before making any investment decision, we recommend that you talk to an account manager or financial adviser to ensure that it is suited to your risk profile and financial objectives.