Risk management & custody of assets

H. Hentsch Asset Management SA acts as an independent asset manager (IAM). Its main activity is investing client capital in real strategies. As a complementary service, it also grants crypto-collateralized credit against collateral deposited by the client, and manages a treasury strategy on tokenized industrial metals and commodities with its own capital. It executes no stock exchange order on behalf of its clients and manages no discretionary securities portfolio on their behalf.

Les liquidités et titres des clients restent déposés sous mandat auprès de banques dépositaires tierces, avec lesquelles la société a conclu des accords de coopération (banques non nommées publiquement). Ce sont ces établissements qui assurent la protection légale des avoirs déposés.

Les actifs numériques déposés en garantie (stablecoins, or tokenisé) sont conservés par un prestataire de garde d'actifs numériques agréé, Taurus SA, spécialisé dans la conservation sécurisée de crypto-actifs pour le compte d'établissements financiers suisses.

Assets deposited as collateral by clients are never used in the company's treasury strategy: the two flows are distinct and never meet at any point. Details of the treasury strategy are on the RWA Strategy page, "Governance & separation of funds" section.

The value of the deposited collateral is determined from real-time market prices (spot price for tokenized gold, tokenized industrial metals, ETH; 1:1 parity with the dollar for USD stablecoins; spot price for the euro-pegged stablecoin), with no margin or discretionary adjustment applied by the company. This valuation is used both to calculate the credit granted at lock-in and for the daily depreciation monitoring described below.

An automatic daily check compares the current value of the collateral to its entry value (at the time of lock-in). A depreciation of 30% triggers an alert visible on the client's account; a depreciation of 50% leads to liquidation of the collateral. Credit already used is not erased by liquidation: it becomes an unsecured claim. Full details, with a worked example, are on the Yield page and in the terms and conditions, section 7.

The company never takes a position contrary to that of its clients on the assets they deposit as collateral: it only receives that collateral, calculates the corresponding credit and, where applicable, liquidates it according to thresholds set in advance and applied automatically and identically to all clients. The company's treasury strategy (industrial metals and commodities) is funded by its own capital, never by assets deposited by clients.

The risk parameters in effect (credit ratio, rates, liquidation thresholds) are centralised in the platform's credit engine and undergo an automated test suite with every change. Any change to these parameters is logged and never applies retroactively to a position already locked in. Details of the history of these changes are on the Archives page.