Even though, in our opinion, a portfolio management with securities is generally inefficient it can, nevertheless, in certain cases meet some client specific needs. A portfolio management with securities:

• allows to rapidly (Intra day) bring changes to portfolio
• can allow the client to have an active role in the management and build up of the portfolio
• allows the build up of a less diversified portfolio with a higher concentration of risks
• facilitates the attainment of higher returns or, on the contrary, of capital protection
• facilitates, in case on need, the scheduling of cash flows