HSBC Private Bank has launched a discretionary portfolio service to help clients make the transition from cash to assets.

The service comprises of a choice of three low-volatility portfolios - Conservative, Moderate and Growth - which offer investment in bonds, equities, hedge funds, property, private equity and commodities.

While the choice of portfolio is made with a relationship manger, asset allocation decisions will be made by committee. Instead of assigning a client an individual portfolio manager, asset allocations are looked at monthly by HSBC Private Bank’s global investment committee.

HSBC says this keeps costs low and saves time spent finding a manager.

“High net worth clients are often too busy running a business or in demanding professional jobs to cope with this volume of information and are looking for a trusted manager to make the right decisions for the long term,” said Andrew Morris, managing director at HSBC Private Bank.

The bigger part of each portfolio will be made of index-tracking funds, which charge lower management fees, although there will be potential for direct investment and combining the service with other investments if the situation suits, claims the bank.