If you are an institutional client / private investor, which way do you prefer to hand over your money to ? 1. Investment Bank 2. Private Bank 3. Hedge Fund In my opinion the difference is as follows: 1. One investment banker treat your money as part of a large sum of money that s/he treat and he has no oligation to tell you the underlying portfolios 2. One "relationship manager" handles multiple accounts that s/he has to receive your calls. 3. A group of people working on a large sum of money from multiple clients. It seems that option 3 is best since a group of people work for your account and option 2 is worst because 1 people has to manage multiple accounts and s/he cant use the same portfolios in each account.