CATERING to the demanding needs of private clients often means the creation of new departments within an existing investment company. This was the position Wardley Investment Services (WSI) found itself in, and the discretionary fund management arm of the Hongkong Bank responded accordingly. It has proven an outstanding success. WISL is is now one of the largest managers of private clients in the territory. For a minimum of US$500,000, WISL can establish a discretionary-managed portfolio investing in quoted securities, government and corporate bonds, other fixed interest securities, and cash. The portfolio can be composed of regional or global securities. Before WISL begins managing a portfolio for a client, a meeting is set up to review investment objectives and to ensure that the management style adopted is agreed upon and understood. Factors such as the level of risk, currency and geographic limitations and taxation are reviewed. The aim of discretionary investment management is to meet the targets set during the course of the initial meeting and to build a close relationship with the client. The account may be established in the client's name and, at some later stage, be put into trust for nominated beneficiaries. WISL can ensure minimal disruption to portfolios in the event of a name change. Once a portfolio has been established with WISL, the fund manager keeps the private banking client up to date on financial market changes and there impact on the portfolio. WISL is part of the Hongkong Bank Asset Management, the bank's international funds management company with $25 billion under management. Along with WISL, Asset Management incorporates James Capel Fund Management in London and Marinvest in New York.