Discretionary Management
Discretionary management lets a subscriber delegate the investment and rebalancing decisions on a compartment to a financial professional: the discretionary manager. The discretionary manager makes the switches within a framework that is agreed in advance, according to the risk profile and the wealth objectives of the subscriber. It is also known as delegated management. In French law, this delegation is a switching mandate ("mandat d'arbitrage").
The discretionary-management mode covers two types of offer:
- Profiled managed portfolio: the subscriber selects a standard investment profile, and the discretionary manager keeps the compartment in line with this profile.
- Personalised discretionary management: the investment strategy and the limits are adapted to the subscriber.
When a professional only recommends an allocation and the subscriber approves each switch, this is not discretionary management. Use a self-invested compartment (self-invested with allocation advice).
How it works
- A discretionary manager is registered once and can then be assigned mandates.
- A mandate defines the discretionary framework for a given compartment, including its target allocation.
- A compartment can be delegated to a mandate when that mandate has a target allocation. The compartment can be self-invested or under a different mandate.
- When a compartment is delegated, a switch rebalances it to the latest target allocation of the mandate. If the positions already match the target allocation, no switch occurs.
- Once a compartment is under discretionary management, direct subscriber allocation is no longer allowed on it: rebalancing happens through the mandate instead.
Safe retries
Delegating a compartment to the mandate that it already has changes nothing and requests no switch. Thus, a retry of a delegation is safe without an idempotency key.
Creating a discretionary manager, a mandate and a mandate target allocation require the X-Quarzo-Life-Idempotency-Key header. A retry with the same key and request returns the original response without executing the operation again, and the same key with a different request returns 409 IDEMPOTENCY_KEY_CONFLICT. Leading or trailing whitespace in the key is ignored.
Endpoints
| Operation | Endpoint |
|---|---|
| Register a discretionary manager | POST /v1/investment/discretionary-managers |
| Create a mandate | POST /v1/investment/discretionary-managers/{managerId}/mandates |
| List mandates | GET /v1/investment/mandates |
| Set the target allocation of a mandate | POST /v1/investment/mandates/{mandateId}/target-allocations |
| Delegate a compartment to a mandate | PUT /v1/investment/compartments/{compartmentId}/delegation |
| Return a compartment to self-investment | PUT /v1/investment/compartments/{compartmentId}/self-investment |