Managed Account

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A Managed Account ( German  managed account ) is an investment vehicle in which a private or institutional client a third party with the asset management of deposits and holdings of a (trade) account mandated . The money can be managed by an appropriate banking department or by investment companies (" brokers "). The administrator tries to make profits by trading financial instruments independently in favor of the account. In doing so, the investor grants the administrator of the managed account limited power of attorney to implement an agreed investment strategy on it.

features

With a managed account, the investor himself owns the financial instruments in which the portfolio is invested and has insight into the individual transactions. When investing in a mutual fund, on the other hand, the investor holds shares in a joint asset.

Since managed accounts are actively managed - ie by a manager - the costs are higher than with a passive strategy such as B. an index fund .

If a manager manages several accounts according to the same strategy, additional technical effort arises from the fact that he has to carry out the transactions individually on all accounts that may U. also lie with different brokers with different trading systems. Furthermore, legal or regulatory requirements may still have to be met.

A minimum deposit, which is substantial for private investors, is required, which is typically in the region of EUR 100,000.

Fraud risks

The US regulatory authority CFTC advises skepticism towards offers in which derivatives are to be traded for the account of customers. In particular, promises that high returns could be achieved within a short period of time, or a lack of information about extremely high risks, indicated fraud.

The collapse of Phoenix Kapitaldienst was a prominent case of fraud in Germany in connection with managed accounts. Constant, high value gains on the options market were promised for the Phoenix Managed Account product, but in fact it was a pyramid scheme that finally collapsed in 2005.

literature

  • Jäger, Lars: The New Generation of Risk Management for Hedge Funds and Private Equity Investments [1] , pp. 15ff, 2003, ISBN 978-1843740490 .

Individual evidence

  1. ↑ a b c Jack P. Friedman (1987) Dictionary of Business Terms ; 2nd Ed .; Baron's Educational Series, Hauppauge (NY), ISBN 0-8120-1833-8
  2. ↑ Wolfgang Gerke (2002) Stock Exchange Lexicon. 1st edition. Business publisher Dr. Th. Gabler GmbH, Wiesbaden, ISBN 3-409-14603-2 , p. 518.
  3. ↑ Merk, Gerhard: Finanzlexikon . University of Siegen, p. 1078. (10 MB; PDF)
  4. ↑ Jaeger, Lars (Ed.): The New Generation of Risk Management for Hedge Funds and Private Equity Investments. Euromoney Books, 2003, ISBN 1-84374-135-0 , p. 15.
  5. ^ Morris, Virginia B .: Standard and Poor's Dictionary of Financial Terms. Mcgraw-Hill Professional, 2007, ISBN 1933569042 , p. 122.
  6. ^ CFTC: Fraud Awareness & Prevention
  7. ↑ Bafin Annual Report 2005 , p. 128f