My internship experience in Portfolio Management at Mirabaud

In this article, Adam MERALLI BALLOU (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2021-2026) shares his professional experience as Portfolio Management at Mirabaud.

About the company

Founded in 1819, Mirabaud is an independent international banking group with strong Swiss roots and a long-standing presence in Europe. The group operates across private banking, asset management and investment services, serving private clients, families, entrepreneurs and institutional investors, and manages CHF 32.4 billion in assets under management. Mirabaud is recognized for its long-term investment philosophy, disciplined risk management and strong focus on capital preservation.

With offices in major financial centers such as Geneva, Zurich, Paris, London, Luxembourg and Madrid and more than 700 employees worldwide, Mirabaud combines local expertise with a global investment perspective. The group offers a wide range of investment solutions, including discretionary and advisory portfolio management, structured products, alternative investments and private market solutions, enabling clients to access diversified sources of return across market cycles.

Logo of Mirabaud

Source: Mirabaud

My internship

I joined Mirabaud in July 2024 as a Portfolio Management Analyst and remained in the team until January 2025. My role consisted in supporting portfolio managers in the construction, monitoring and analysis of client portfolios within a multi-asset framework. This included traditional asset classes such as equities and bonds, as well as exposure to alternative assets, including private equity through dedicated investment vehicles and funds. Working at the interface between portfolio management and private banking provided a comprehensive view of how investment decisions are translated into concrete client portfolios. I was exposed both to strategic asset allocation decisions and to more tactical adjustments driven by market dynamics, interest rate environments and client-specific constraints.

My missions

My missions covered a broad range of responsibilities within a multi-asset portfolio management framework. I was in charge to draft investment proposals for all new clients. These proposals were designed to reflect each client’s financial objectives, risk tolerance and specific investment preferences. The construction of these portfolios required the careful selection of appropriate underlying instruments, including investment funds and direct securities across equities, fixed income and alternative assets. In this process, I had to simultaneously integrate client-specific requirements, the portfolio managers’ convictions on asset classes and sectors, and the group-level strategic recommendations. This experience highlighted the importance of aligning top-down asset allocation with bottom-up security selection.

In parallel, I was involved in the execution of orders for discretionary and managed mandates, using both internal tools and external platforms such as Bloomberg. This allowed me to gain practical exposure to trade execution processes, market liquidity considerations and operational constraints.

I also contributed to the monitoring of portfolio managers’ strategies, focusing on portfolio performance analysis and deviations from benchmarks. This work helped assess the impact of allocation decisions and active management choices over time.

Finally, my role required close interaction with multiple internal stakeholders. I worked regularly with private bankers, middle office, marketing and management teams to ensure the smooth implementation of investment decisions and to provide both administrative and commercial support. This cross-functional exposure gave me a comprehensive view of how investment solutions are delivered within a private banking organization.

Required skills and knowledge

This internship required a strong combination of technical, analytical and interpersonal skills. From a technical perspective, a solid understanding of financial markets was essential, particularly across equities and fixed income. Beyond theoretical knowledge, closely following financial markets on a day-to-day basis was a key part of the role, in order to understand market movements, macroeconomic developments and their impact on asset prices.

I needed to be comfortable with portfolio management principles such as asset allocation, diversification, benchmarking and active management in order to contribute effectively to investment proposals and portfolio monitoring.

Proficiency in financial tools was also critical. I regularly used Bloomberg and FactSet to access market data, analyze securities, monitor portfolios and support performance and benchmark analysis. These platforms were essential for understanding market dynamics, tracking asset allocation and assessing portfolio positioning across different asset classes. Advanced Excel skills were used to consolidate data, build allocation summaries, perform basic performance calculations and prepare clear and accurate reports for internal use and client-facing deliverables, ensuring consistency and reliability across analyses.

Beyond technical skills, soft skills played a central role in my day-to-day work. Given the level of autonomy involved in preparing investment proposals for new clients, rigor, attention to detail and strong organizational skills were essential. Clear communication was also key, as I interacted frequently with private bankers, portfolio managers, middle office and management teams. This required the ability to translate complex financial analysis into clear and actionable insights adapted to different stakeholders.

What I learned

This internship provided me with a comprehensive understanding of how multi-asset portfolio management operates within a private banking environment. I learned how investment strategies are built from both a top-down and bottom-up perspective, combining group-level strategic views, portfolio managers’ convictions and client-specific requirements.

One of the most valuable lessons was understanding how theory translates into real investment decisions. Concepts such as diversification, asset allocation and benchmarking became concrete through the construction and monitoring of client portfolios. I also gained practical exposure to trade execution and operational processes, which highlighted the importance of liquidity, timing and coordination between front and middle office teams.

In addition, working on structured products deepened my understanding of how customized investment solutions can be designed to respond to specific market conditions and client objectives. Overall, this experience strengthened my analytical skills, increased my autonomy and confirmed my interest in asset management, private banking and investment solutions.

Financial concepts related to my internship

I present below three financial concepts related to my internship: asset allocation and diversification in a multi-asset framework, benchmarking and active portfolio management, and structured products in wealth management.

Asset allocation and diversification in a multi-asset framework

Asset allocation refers to the distribution of investments across different asset classes such as equities, bonds and alternative assets, including private equity. In a multi-asset framework, this allocation is the primary driver of portfolio risk and long-term performance. Diversification aims to reduce portfolio volatility by combining assets with different risk, return and correlation characteristics.

During my internship, I observed how strategic asset allocation provides a long-term investment framework, while tactical adjustments allow portfolio managers to adapt to changing market conditions. The construction of investment proposals for new clients clearly illustrated how allocation choices are aligned with investment horizons, risk profiles and return objectives.

Benchmarking and active portfolio management

Benchmarking plays a central role in portfolio management, as it provides a reference framework to assess portfolio performance and risk. By comparing portfolios to appropriate benchmarks, portfolio managers can evaluate the impact of asset allocation and security selection decisions and determine whether performance deviations are driven by active management choices or market movements.

During my internship, I contributed to the monitoring of portfolio managers’ portfolios, focusing in particular on deviations from benchmarks. This analysis helped identify sources of over- or under-performance and assess the consistency of investment strategies over time. It also illustrated the trade-offs involved in active portfolio management, where deviations from benchmarks are necessary to generate alpha but must remain controlled to stay aligned with clients’ risk profiles and investment mandates.

Structured products in wealth management

Structured products are investment instruments that combine traditional securities, such as bonds, with derivatives to create customized risk-return profiles. In wealth management, products such as autocallables and capital-protected notes are used to offer conditional returns, yield enhancement or capital protection depending on market scenarios.

My exposure to these products helped me understand how structured solutions can complement traditional assets within diversified portfolios. Analyzing their payoff structures and underlying assets highlighted both their potential benefits and their risks, emphasizing the importance of suitability analysis and clear communication when integrating them into client portfolios.

Why should I be interested in this post?

This experience illustrates how multi-asset portfolio management operates within a private banking environment and how investment strategies are translated into tailored solutions for clients. For students interested in asset management, private banking or investment solutions, this experience provides valuable exposure to real-world portfolio construction, market analysis and cross-team coordination within a financial institution.

Useful resources

Business

Mirabaud

Bloomberg

Factset

Others

Kahlich, M. and co-authors (2025) Global Wealth Report 2025 BCG.

About the author

The article was written in December 2025 by Adam MERALLI BALLOU (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2021-2026).

▶ Read all articles by Adam MERALLI BALLOU .