Who Actually Holds Your Assets? | Tim Yule, Mason Stevens

Investment returns receive most of the attention. Before a family considers performance, however, it needs a clear view of where its assets are held, who is authorised to act and what records establish its interest in the portfolio.

In this episode of the GloryHouse Podcast, Tim Yule, Chief Executive Officer and Executive Director at Mason Stevens, joins Cathy Ding, Managing Partner and Financial Advisor at GloryHouse Wealth Management, to explain the infrastructure behind an investment platform. Their discussion separates the roles of financial adviser, platform provider and sub-custodian, then considers adviser changes, execution, reporting and the operational demands of complex portfolios.

Three roles, three distinct responsibilities

A financial adviser provides advice and works with the client on strategy, portfolio construction and ongoing decisions. The platform facilitates functions such as account opening, trading, settlement, administration, tax records and portfolio reporting. A custodian or sub-custodian holds assets under the applicable legal and contractual arrangements.

This separation matters because advice, administration and asset holding involve different permissions, controls and accountabilities. A polished platform interface does not, by itself, explain the legal structure beneath an account.

Legal title, beneficial interest and omnibus accounts

Mason Stevens’ published documents state that client property is held on trust and may be aggregated in omnibus accounts, with records maintained for each client. The custodian or nominee may appear as the registered holder, while the client retains the beneficial interest recorded under the applicable trust and account arrangements.

Trust and custody arrangements are designed to keep client property distinct from the operating company’s own assets and liabilities. They are important controls, but they should not be described as an absolute guarantee against market, counterparty, operational, cyber, legal or insolvency risks.

Changing adviser without rebuilding the portfolio

Tim explains that changing financial adviser does not necessarily require a client to sell investments held on the platform. In many cases, the operational change involves updating the adviser’s authority while the underlying account and investments remain in place. The exact process depends on the service, platform, adviser authorisation and assets held.

Why platform infrastructure matters to a multi-family office

High-net-worth families rarely hold one simple portfolio. Assets may sit across individuals, companies, trusts and superannuation structures, span multiple currencies and markets, and involve family members in different jurisdictions.

For a multi-family office, infrastructure is therefore part of investment governance. Clear custody records help establish who holds what. Consolidated reporting provides a more complete view of exposure. Permission controls determine who can see or act on an account. Reliable execution and administration help turn an agreed investment decision into an accurately recorded position.

Practical due-diligence questions

• Which legal entity provides the platform and which licence does it operate under?
• Who is the custodian or sub-custodian for each major asset type?
• Are assets held individually or through omnibus accounts, and how are client interests recorded?
• How are client assets separated from the platform operator’s own assets?
• What happens if the client changes adviser or the platform appoints another service provider?
• What markets, currencies and asset classes can the platform support in practice?

About Tim Yule

Tim Yule is Chief Executive Officer and Executive Director at Mason Stevens. He has more than 25 years of leadership experience across investment banking and wealth management, including roles at UBS, Royal Bank of Scotland, Perpetual and Westpac. Tim became Chief Executive Officer of Mason Stevens in 2022 after holding senior leadership roles within the business.

About the GloryHouse Podcast

GloryHouse Wealth Management produces the GloryHouse Podcast for high-net-worth families, business owners and globally connected families. The series explores wealth management, asset allocation, family succession, next-generation education and global investment through in-depth conversations with investment professionals, industry experts, legal advisers and tax specialists.