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What is Discretionary Portfolio Management?
With Discretionary Portfolio Management (DPM, in some publications alternatively called Asset Management), our specialists construct an investment portfolio for you, tailored to your situation, financial goals and preferences, among other things, and set it up according to our current market vision. An important step is determining which of our risk profiles best suits you and your financial goals. Our specialists take care of the day-to-day management of your portfolio. Through targeted purchases and sales, they ensure that your investment portfolio remains aligned with you, your goals and our investment outlook.
In asset management, you can choose between active and passive management. Want to know the difference? Read more about active and passive investment management.
Active and passive investment management
Through targeted purchases and sales, we ensure that your portfolio remains aligned with you, your goals and our investment outlook.
What does a portfolio manager do?
A portfolio manager's job is to achieve an optimal investment result within the framework conditions agreed with you (such as the risk profile) and our list of suitable investments. This means that the expected return and risk are in line with the risk profile and preferences agreed with you. The portfolio manager regularly assesses how your investment portfolio is doing, against the background of market developments and current expectations for the economy and markets. He or she independently adjusts the portfolio through purchases and sales. The portfolio manager is accountable for the management performed and periodically reports on the investment policy and returns.
The meaning of Discretionary Portfolio Management
DPM at InsingerGilissen means you don't have to bother with following the economic news and the markets yourself, while benefiting from market developments and our investment ideas, first-class research & systems and exclusive investment tools. We take the worry of managing your assets off your hands, allowing you to focus on what is important to you. However, your personal Client Advisor does discuss the composition and performance of the portfolio periodically (typically once a year) and check whether the defined management principles are still in line with your objectives and preferences.
When to choose Discretionary Portfolio Management?
DPM from InsingerGilissen is available to clients if they want to have assets of one million euros or more invested and managed. A first goal can be the preservation of your assets, but income or pension provision can be also objectives. We focus on longer-term capital growth, as this is necessary to compensate for inflation and the tax burden. A feature of DPM is that you do not have to be involved in the day-to-day management of your assets: we are happy to take that worry off your hands. Do you prefer to be an active investor yourself? Then our Investment Advisory service may be more suitable for you.
Investment Advice
What is a portfolio manager?
A portfolio manager (alternatively called asset manager) is someone who independently invests and manages a client's assets, according to a set assignment (the management agreement). The portfolio manager does not need to ask for prior permission to adjust the investments, for instance to changing market conditions or insights. He or she does, however, periodically in retrospect discusses (or has discussed) the results and the policy pursued with the client.
What are the risks involved in DPM?
As with the two other forms of investment services at InsingerGilissen, namely Investment Advice and Execution Only, various forms of investment risk can occur simultaneously. These include market risk (higher or lower prices), interest rate risk, economic risk (such as recession), currency risk (when investing in currencies other than the euro), political risk and (when investing in derivatives and futures contracts) counterparty risk. Also the human risk component exists: some portfolio managers can perform worse or better than others. Even with DPM, it is important that you understand and accept the risks of investing. You can find out more about the features and risks in our Service Provision Document (below under 'Legal Information').
A portfolio manager usually looks at the stock market with less emotion than a private investor.
Discretionary Portfolio Management fees are sometimes deductible
For our DPM services we charge an all-in fee (Private Banking fee) and fees for the fund in which you invest (Asset Management fee). Are you investing through a legal entity such as a company? Then the costs of asset management like DPM are usually tax deductible. Also, the VAT charged can then usually be deducted. This does not apply to private investors, but in many cases the fee for asset management is exempt from VAT. See also the paragraph 'Discretionary Portfolio Management and VAT' below.
| (Family) Assets | Private Banking fee per year | Asset Management fee per year |
|---|
| | | |
| € 10 million or more* | 0,06% | 0,75% |
| € 5 million to € 10 million | 0,24% | 0,75% |
| € 3 million to € 5 million | 0,42% | 0,75% |
| € 1 million to € 3 million | 0,73% | 0,75% |
| € 350.000 to € 1 million | 0,97% | 0,75% |
You pay the Private Banking fee percentage over your assets under management and the Asset Management fee percentage over your assets in the fund. * If the size of the (family) assets is € 10 million or more, you will receive a standard refund of 0.10% on the assets in your account. |
Click here for a detailed fee chart for our new clients.
Traditional Asset Management
Some of our investment portfolios still manage your assets using the ‘traditional’ method. We make use of individual investments in these cases.
You pay an all-in fee for this service.
| (Family) assets | All-in fee per year (including 21% VAT) |
|---|
| | |
| € 10 million or more | 0,73% |
| € 5 million to € 10 million | 1,03% |
| € 3 million to € 5 million | 1,21% |
| € 1 million to € 3 million | 1,51% |
Please find a detailed fee chart for our new clients here.
More information on fees 'traditional' Asset Management
The fees you pay on an annual basis depend on the type of service you choose, the size of your assets, your risk profile and the securities that make up your portfolio.
The following documents map out a number of combinations to give you a good idea of the fees involved.
Discretionary Portfolio Management and VAT
DPM at InsingerGilissen is a service for which clients pay an all-in fee. The fees as we publish them (unless otherwise stated) are exclusive of VAT. For DPM where you invest via a fund structure, the all-in fee consists of a Private Banking fee (subject to VAT) and an Asset Management Fee (exempt from VAT). The Asset Management fee is not charged separately but is included in the fund's price performance. To be clear: apart from this Asset Management Fee, the costs of the instruments invested in (the management costs of investment funds) are also incorporated in the fund's price development and are not charged separately. Please find more information about the costs of DPM on the webpage about our all-in fee.
Our all-in fee
Why choose Discretionary Portfolio Management?
Anyone can invest by getting into (a combination of) mutual funds or index trackers themselves, or into individual stocks and bonds. But a professional portfolio manager usually looks at the stock market with less emotion than a private investor. This helps to make more rational investment decisions, which is usually beneficial for return opportunities. Ideally, a portfolio manager recovers his costs by outperforming (on average over the long term) the average market. This is where DPM differs fundamentally from investing in index products. Trackers (index funds and ETFs) cannot recoup their costs over the longer term because those products track a particular market index as precisely as possible, after which the costs still come off. And no matter how low those costs are, outperforming the index is then not possible.
At InsingerGilissen, we believe that the best asset manager is that institution, which best responds to the specific situation, wishes and financial needs of the client (and of generations to come).
How does Discretionary Portfolio Management work?
If you decide to become a client at InsingerGilissen, we will first talk to you in detail to get acquainted. We would like to know as much as possible about you, your family, your plans and your dreams. Then we will discuss how InsingerGilissen can contribute to realising your financial goals. We may also be able to help you transfer your assets to the next generation and to charities close to your heart.
Do you opt for our DPM services? Then we will help you determine your risk profile based on your objectives, preferences, investment experience and financial circumstances. Then, in consultation with you, we will come up with a suitable design for your investment portfolio and start constructing your portfolio. Periodically, we have a review meeting with you: an evaluation in which we discuss the investment results, the pursued policy and the current expectations, against the backdrop of your long-term goals, preferences and risk profile. In addition, you will receive quarterly reports on these topics. In the online environment 'My InsingerGilissen' and in the InsingerGilissen app, you can also gain access to your investment portfolio.
Who are the best portfolio managers?
In the Netherlands, InsingerGilissen is among the top asset managers (portfolio managers) among private banks. InsingerGilissen was awarded best private bank in the Netherlands for four consecutive years in 2018, 2019, 2020 and 2021, partly on the basis of the performance of our Discretionary Portfolio Management. Besides private banks, the Netherlands also counts asset managers that manage investment portfolios for institutional clients such as insurers and pension funds, or that manage mutual funds. The by far largest two are NN Investment Partners and Robeco, which together serve almost two-thirds of the Dutch asset management market, partly through mutual funds. But neither offers discretionary portfolio management combined with private banking services.
At InsingerGilissen, we believe that the best asset manager is that institution which best responds to the specific situation, wishes and financial needs of the client and of generations to come. We are a true family bank and see it as our mission not only to achieve attractive investment returns now, but also to structure assets optimally for future circumstances and wishes. This requires understanding our clients' personal situation, plans and preferences. Hence, we like to have a face-to-face conversation with you before talking to you about our investment services.
In the Netherlands, InsingerGilissen is among the top asset managers (portfolio managers) among private banks. InsingerGilissen was awarded best private bank in the Netherlands for four consecutive years in 2018, 2019, 2020 and 2021, partly on the basis of the performance of our Discretionary Portfolio Management. Besides private banks, the Netherlands also counts asset managers that manage investment portfolios for institutional clients such as insurers and pension funds, or that manage mutual funds. The by far largest two are NN Investment Partners and Robeco, which together serve almost two-thirds of the Dutch asset management market, partly through mutual funds. But neither offers discretionary portfolio management combined with private banking services.
At InsingerGilissen, we believe that the best asset manager is that institution which best responds to the specific situation, wishes and financial needs of the client and of generations to come. We are a true family bank and see it as our mission not only to achieve attractive investment returns now, but also to structure assets optimally for future circumstances and wishes. This requires understanding our clients' personal situation, plans and preferences. Hence, we like to have a face-to-face conversation with you before talking to you about our investment services. Discover more about the best portfolio manager.
More about best portfolio manager
Advanced tools, access to unique investment strategies
InsingerGilissen works with selected strategic partners including BlackRock, one of the world's leading providers of investment, advisory and risk management solutions. As a result, clients of InsingerGilissen and Quintet have access to exclusive investment solutions that we develop together with BlackRock. Our clients can also benefit from advanced tools such as BlackRock's renowned Aladdin® risk management platform.
Interested? Get acquainted without any obligation
Would you like to invest assets of one million euros or more? Then we would be happy to make an appointment with you for an introductory meeting. Please fill in the contact form or call +31 (0) 20 521 5000.
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