Private banks defend DPM internal bias

Private banks admit they have a bias to their own in-house investment capabilities when providing discretionary portfolio management (DPM) to clients, but say it is for good reason, despite concerns over potential conflicts in this area. When private banks use their in-house investment capabilities to provide DPM, they should know where to draw the line, said Mike Imam, managing partner at independent firm Silverhorn Investment Advisors. Speaking from a client’s perspective, Ima…