It can be defined as the management of the investments of a client by a financial services institution like an investment bank. The company will make investments in behalf of its clients and in return, will give them unmatched access to a variety of alternative and traditional products that are not available to other average investors.

It can also mean an account under a financial institution that includes brokerage services, margin loans, debit cards, credit cards, and checking services.

It is also called as central asset account or asset management account.