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Exclusive asset manager test: winners of all classes

For the second time, Personal-Financial.com has chosen the best asset managersimago images / Panthermedia

A total of six bank-independent asset managers provide their customers with outstanding services across all custody accounts and risk classes. This is the result of the second major industry test by Personal-Financial.com and the Munich Institute for Asset Development on the basis of more than 16,000 real customer accounts.

Accordingly, the six providers B&K Vermögen in Cologne, BV&P Vermögen in Kempten, Kidron Vermögensverwaltung, Berlin Liqid Asset Management, SX-Personal-Financial.com Münster and Munich’s wealth culture achieved the top rating of five stars in the overall evaluation. In addition, 22 providers were able to score five stars in individual portfolio categories, 34 providers demonstrated strikingly good results across all portfolio categories in the capital test and achieved an overall rating of four stars.

90 asset managers put to the test

The capital analysis is the first comprehensive performance test for asset managers based on real customer portfolios. For this purpose, the two leading custodian banks for asset managers, V-Bank and DAB BNP Paribas, provided the anonymised data from 16,033 customer accounts. These in turn were divided into three different categories (conservative, balanced, opportunity-oriented) and measured against their respective benchmarks. A total of 90 asset managers registered for the test this year, 76 of them made it into the capital evaluation with their services at least in individual custody account classes.

The portfolio structure, the product implementation, the risk management, the cost efficiency and, for the first time, the performance for the year 2019 were evaluated. Among the six top administrators with an overall rating of five stars were three who had already achieved the top position last year; Three asset managers rose to the top group.

In the previous year, only one provider succeeded in receiving a five-star rating for all three depot classes, that was the Berlin provider Liqid Asset Management. This year three administrators managed to do it: B&K Vermögen from Cologne, SX-Personal-Financial.com from Münster and again Liqid. BV&P from Kempten and, for the first time, Kidron from Stuttgart and Vermögenskultur from Munich also secured the five-star overall rating. You can download the list of all winners here.

This is how Personal-Financial.com tested

The second major test for asset managers based on more than 16,000 real customer accounts: This time, the performance of the accounts in 2019 was also included in the evaluation

The depot data

For the second time, Personal-Financial.com and the Munich Institute for Asset Development (IVA) checked the services of -independent asset managers based on real custody data: Personal-Financial.com and the custodian banks V-Bank and DAB BNP Paribas invited 311 asset managers to participate, 90 had their custody accounts evaluated. In total, the IVA was able to fully analyze 16,033 custody accounts from 87 asset managers. The IVA collected the custody account data on four quarterly reference days from the end of 2018 to the end of 2019 and looked at the average percentage custody account distribution. At least ten depots were necessary for an assessment in a risk class.

Three deposit classes

Depots with a risk share of up to 35 percent counted as “conservative”, a risk share of 35 to 65 percent was considered “balanced”, and 65 percent and above, the depots were considered “opportunity-oriented”. The data for the securities assessment come mainly from Thomson Reuters and have been supplemented by additional research.

Five categories

The IVA then rated each portfolio class in five categories: structure of the portfolio, product implementation, risk management, costs and performance. A maximum of 20 points could be achieved in each category, which were converted into one to five stars. Depending on the type of risk, the partial results were weighted differently: In the case of conservative portfolios, risk management was more heavily included in the assessment, in the case of opportunity portfolios, the portfolio structure and product implementation.

  1. Portfolio structure: First of all, the asset classes counted in the evaluation: Are the assets well diversified across stocks, bonds and alternative investments? Is the mix of regions and industries balanced? Is the diversification good? In the respective deposit classes, the structure made up 25 percent (conservative) to 30 percent (opportunity-oriented) of the rating, depending on the risk class.
  2. Product implementation: In this category, we determined the direct investment ratio, whether active funds were used sensibly and retail products were avoided. The product implementation was included in the evaluation with a weight of 25 (conservative) to 30 percent (opportunity-oriented).
  3. Risk management: The IVA examined how robust the portfolios are against risks such as market crashes or interest rate fluctuations. In the case of conservative deposits, 20 percent of the risk management was included in the rating, and of ten percent in the case of opportunity-oriented deposits.
  4. Costs: The internal costs of the investment products and the transaction costs were assessed. The cost efficiency made up 20 percent of the evaluation.
  5. Performance: To assess the performance, the IVA determined a benchmark for each portfolio and calculated how far the performance deviated from it. The performance contributed a total of ten percent to the overall rating in all deposit categories.

seal

Providers that were represented in all risk classes with at least ten depots and achieved at least four stars received at least four stars as an overall rating. Those who were only represented in individual depot classes received a partial grade. Managers with four stars or more can purchase a capital seal and use it to advertise themselves. You can find more information on this at Personal-Financial.com/siegel


You can find the full test in Personal-Financial.com 09/2020. interested in Personal-Financial.com? Here is the Subscription shopwhere you can order the print version. Our digital edition is available at iTunes and GooglePlay


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