id,product_id,feature_key,feature_value,note,source_page
rothschild:ex_custody_mandate:pf:ex_custody_novel,rothschild:ex_custody_mandate,pricing_condition,"Ex-Custody service model: Rothschild manages, third-party custodian holds","Editorially NOVEL within the atom #274 cohort. Captured PDF ""Allgemeine Geschäftsbedingungen für Ex-Custody-Kundenbeziehungen"" (Stand Nov 2021) documents a wealth-management service where:
- Rothschild handles strategy + order routing
- Assets remain at a THIRD-PARTY CUSTODIAN BANK (e.g. UBS, Pictet, Vontobel)
- Client has the asset-portability optionality

Structurally distinct from custody-bundled UHNW classical players (Pictet, Lombard Odier, Julius Bär all assume in-house custody). Lower asset-stickiness for Rothschild, no custody fee revenue, higher relevance of advisory + management fees. Not yet observed at other cohort members in our crawls — could be a Rothschild-distinctive offering or could be more common than we've documented.",