portfolio management
(1)212 46managing portfolios in accordance with mandates given by clients on a discretionary client-by-client basis where such portfolios include one or more financial instruments.[Note: article 4(1)(8)157 of MiFID]
(2) (in ESG) a service provided to a client including:212
- (a) managing investments; or
- (b) private equity or other private market activities consisting of either advising on investments or managing investments on a recurring or ongoing basis in connection with an arrangement the predominant purpose of which is investment in unlisted securities.