FAQ

It’s easy. The first step is to get in touch with us (either by telephone or email) in order to set up the first meeting. When we meet you and understand your individual needs and risk profile, we  prepare the necessary documents in order to open the new investment accounts or to be allowed to manage your existing ones.

Iolcus is addressed to private, as well as, institutional clients, who are looking for professional wealth management services. Our clientele spans from investors who simply look for a serious and responsible portfolio manager -to  trust their money with- to investors with more sophisticated and specific needs.

To be in a position to offer the level of services we deem necessary, especially in terms of diversification, the minimum amount with which a customer can start investing under the management of Iolcus is €250,000. This amount allows us to achieve a satisfactory level of investment diversification, which means that we can invest in a sufficient number of securities in order to be able to reduce the risk that arises when one invests in a limited number of securities or sectors.

Portfolio management or Investment Advisory agreement with Iolcus.
This agreement defines the relationship between Iolcus and the Client.

Custody agreement with the custodian bank.
Under this agreement a securities account and a cash account are opened in the client’s name. The terms of the relationship between the client, the bank and Iolcus are also defined. This agreement includes the granting of a Power of Attorney to Iolcus, limited to conduct securities trading in the name of the client.

Agreement with a brokerage firm (where applicable).
Under this agreement a brokerage account with a broker in Greece is opened for securities transactions.
In cases where the client already has an existing active agreement with a brokerage firm in Greece, there is no need for a new one.
In cases where the custodian bank is based abroad, this agreement is not required.

The account belongs exclusively to the client (and to any other account holder).

Yes, if the account is with a bank not based in Greece.
No, if the account is with a bank based in Greece.

There are no costs for opening a bank account abroad.

Iolcus can be given this right when the client signs a «Power of Attorney for the Management of Assets», which grants Iolcus the authorization to conduct securities trades in his name.

The Power of Attorney for the management of assets grants Iolcus the right to represent the client before the Bank with regards to all matters related to the management of his assets deposited with the bank. It does not allow Iolcus to transfer money or securities to other accounts of the client or third parties. This specific Power of Attorney has been applied and legally tested for decades, both abroad and in Greece and proved to be legally robust.

Iolcus offers both portfolio management and investment advisory services.

In the case of a portfolio management agreement, investors trust us to make all the decisions in their name. Nevetheless, there is some flexibility within our models, allowing us to offer them the possibility to add or remove certain securities or asset classes from their portfolio’s investment universe as long as this does not deviate them from the targets and the characteristics of the specific model.

In the case of an investment advisory agreement, investors have to approve or reject investment recommendations and choices, made by Iolcus in accordance with their risk profile and the model portfolio they have chosen.

Moreover, in cases where there are more specific needs or requests, there is the possibility to build tailor-made, bespoke portfolios.

The management fee of Iolcus is a fixed annual percentage on the total amount of the assets under management. This percentage depends on the size and the structure of the portfolio. In some types of portfolios, we also charge a success fee, which is a percentage applied on the portfolio’s profits.

In addition to the above, there are transaction fees, that are charged by traders or custodian banks and custody fees, that are charged by the latter.

Iolcus management fees, that are in the form of an annual percentage of the funds under management and especially success fees, align the portfolio manager’s interests with those of the client and are therefore seen as particularly fair. On the one hand, Iolcus is not rewarded on a transaction basis and therefore has no incentive to carry out many -and not always necessary- trades. On the other hand, we have no hesitation to sell a recently taken position if market conditions change, something that we would have avoided if this transaction had an additional cost.

Moreover, our clients benefit from the privileged pricing agreements we have achieved with banks and traders, due to the size of our collaboration with them, which are usually available only for portfolios of a higher number of assets.

Iolcus makes no money from fees on your transactions and receives no other payment from the trading companies or other financial instruments providers with which it collaborates. Our sole concern is the satisfaction of our clients and this is why we make sure to minimize any possible conflict of interest.

Iolcus sends a monthly statement of your assets, indicating the market value and the performance of the securities in your portfolio. This communication can happen over traditional mail or by email, based on your preference. Moreover, you have access, at all times, to our smartphone or tablet application which provides you with an overview of your portfolio. It goes without saying, that we are always at your disposal to further inform you about your investments or to answer any of your questions, whether by phone, email or a personal appointment.

If there is a cash balance in your investment account, which covers the amount you would like to withdraw, you can do so immediately, requesting the bank to transfer the respective amount to the bank account you would indicate them.

In case there is not enough cash in your account to cover the amount you would like to withdraw, we can make the necessary funds available to you within 3 business days from the moment you would request so. Like that, we will have the time to proceed and execute the necessary liquidations and gather the required amount.

Iolcus will never “lock you in.” From the moment you sign the agreement with us, you are free to terminate it -and like that end the cooperation with Iolcus- within one day. Besides, since the custody accounts are in your name, you don’t even have to wait for the cash and the securities of your portfolio to be transferred to your account, as they are already there.

Yes.

The security of your investments is our utmost priority. This is why we have a multilateral approach to it.

We primarily make sure that your money is under the custody of the most trustworthy banks in Greece, Switzerland and Luxembourg. These banks assume the role of the Custodian, in other words the entity which safekeeps the securities you own. The key concept here is that these securities are “under the custody of the bank” and not part of its balance sheet, (as for example when you have bank deposits). You simply assign to the bank the safekeeping of your securities and therefore, you have no risk even in the extreme scenario of a bail-in.

The fact that a company is independent means that it is not directly or indirectly associated with any bank. Consequently, the only person to whom Iolcus can be held responsible and to account is our client, you. That means, that the only factor we take into consideration when making investment decisions, is our investors’ best interest and not, for example, the commissions that we could get by selling them expensive products of a bank or of a financial instruments provider.

Iolcus can invest in the entire spectrum of securities: stocks, bonds, derivatives etc. However, the portfolios that we build for our clients include only the products that match their risk tolerance and are in accordance with their investment profile. In the portfolios we manage we make extensive use of ETFs (Exchange Traded Funds) to avoid the high fees of traditional active mutual funds.

An ETF (Exchange Traded Fund) is an investment fund that is traded in stock exchanges around the world, in the same way that a stock is traded. The most common form is the exact replication of an index, like a stock index (e.g. S&P 500, Eurostoxx 50) or a bond index (e.g. the Bloomberg Barclays Euro Aggregate total return index, which includes a wide and representative selection of European corporate and government bonds). Due to the fact that ETFs are not actively managed, but rather passively tracking indices, they have minimal costs and commissions (e.g. from 0,035% to 0,05% compared to 1% to 2% for actively managed mutual funds).

This is something that is completely up to you. You will present us with your financial situation and the goals you aim to achieve by investing your money. We are committed to discuss with you with no biases, in order to be able to identify your needs and expectations and offer you the appropriate solutions.

Yes. Iolcus offers its customers an online application, available for smartphones and/or tablets so that they have access to their portfolios at all times.

Whenever this is necessary. Trades have costs and that is something that is borne by our clients. Therefore, we try to limit the number of changes in the structure of the portfolios of our clients and hence the respective costs. The main reason to conduct trades, is not our effort to time the market, but rather when we find our assumptions not to be anymore sustainable and as a result, the investments related to them are unlikely to reach the expected return.

Iolcus takes all the necessary precautions in order to safeguard the privacy of all its clients. The access of our employees to the files of our investors is segregated and strictly limited to what is absolutely necessary.

Let’s not get ahead of ourselves. Our primary concern is to make sure we are a good match with the potential investor. If we both agree on that, by that point you will have discovered your own reasons to prefer Iolcus. If not, we think that you would still have something to gain, as the ultimate purpose of going through this process, is to present you your financial situation in the most explicit way, whether we are talking about your existing investments or this is the first time you invest. So, even if we are not a match, you will have benefited from an honest and objective overview of your situation.

The Apolis SIF-SICAV is an umbrella alternative fund founded by Iolcus Investments AIFM in Luxembourg. The Apolis Funds have been authorized by both the Capital Markets Commissions of Greece and Luxembourg in order to get the European passport and are currently managed from our headquarters in Athens, Greece.

Traditional UCITS Mutual Funds have restrictions in terms of their exposure per security, as well as, per asset class.

To the contrary, Alternative Investment Funds do not have such restrictions in their investment options. They have no restrictions in terms of their exposure per asset class, the restrictions per individual security are much looser, while they are allowed to use derivatives not only for risk hedging purposes, but as investment positions too. In order to achieve their investment strategy goals, they are also allowed to use leveraging.

The use of more complex securities is the reason why the European Union has limited the sale of AIFs to either well-informed investors (i.e. investors who are in a position to understand the risks of such an investment) or to professional investors.

However, investing through a portfolio management contract, paves the way to investments in such products as the fund manager that makes the investment decisions fulfills, by definition, the criteria to be eligible to trade in such securities.