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The absence of a risk profile without consequences?

When the client and his asset manager agree on an investment strategy, can the client complain afterwards that his risk profile was wrongly established? In a decision dated October 23, 2020, the Federal Court answers this question in the negative.

In summary, a client entrusts the management of her assets to an external asset manager. According to the asset management mandate, the “investment profile” aims at an “absolute return”. A few years later, the client complains about two investments of EUR 3 million, claiming that the manager should have opted for conservative management, whereas the manager maintains that they had agreed on aggressive management.