Why managed investing is particularly well-suited for a PER
The Plan d'Epargne Retraite is a very long-term investment: savings are locked until retirement (except in cases of early release). This long horizon of 15 to 30 years makes it ideal ground for managed investing, for several reasons:
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Retirement-horizon managed investing is the default mode: the PACTE law requires the PER to be managed by default through horizon-based management. The allocation is automatically de-risked as retirement approaches. If you don't make an active choice, this is the mode that applies.
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The long horizon favours risky assets: over 20-30 years, equities have historically outperformed all other asset classes. Managed investing allows you to maintain high equity exposure when the horizon is far away.
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Progressive de-risking is automatic: no need to think about reducing your risk exposure as retirement approaches -- the manager does it for you.
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The funds are locked up: since the money is locked, the risk of impulsive withdrawal during market downturns is eliminated, which favours a dynamic allocation.
Retirement-horizon management: a legal requirement
Retirement-horizon managed investing is the default management mode for any PER, in accordance with Article L224-3 of the French Monetary and Financial Code. In practice, the allocation is progressively de-risked based on your projected retirement date. You can, however, switch to self-directed investing at any time.
PER managed investing comparison
| Manager | Total fees/year | Min. contribution | Profiles | 2024 performance (balanced profile) | Insurer |
|---|---|---|---|---|---|
| Ramify PER | ~1.30 % | 1,000 EUR | Essential / Flagship / Green / Elite | +9.5 % | Apicil |
| Nalo PER | ~1.55 % | 1,000 EUR | Custom + retirement horizon | +8.2 % | Generali |
| Yomoni PER | ~1.60 % | 1,000 EUR | 10 profiles + retirement horizon | +8.8 % (P6) | Suravenir |
| Boursorama PER managed | ~1.50 % | 150 EUR | Conservative / Balanced / Growth | +7.0 % | UMR |
| Goodvest PER | ~1.70 % | 300 EUR | SRI with climate themes | +6.8 % | Generali |
Detailed analysis of each PER managed offering
Yomoni PER -- The benchmark in managed retirement investing
Insurer: Suravenir (Credit Mutuel Arkea)
Yomoni is the most established French robo-advisor, with a PER that combines strengths: 10 risk profiles, 100 % ETF allocation, and integrated retirement-horizon management that automatically de-risks the allocation over time.
Fee breakdown:
- Suravenir management fees: 0.60 %
- Yomoni mandate fees: 0.70 %
- ETF internal fees: ~0.30 %
- Total: approximately 1.60 % per year
How the horizon management works:
Yomoni combines the chosen risk profile with the distance to retirement to determine the allocation. Example for profile 8 (growth):
- 30 years from retirement: 90 % global equities (MSCI World, S&P 500, Emerging Markets ETFs) / 10 % bonds
- 15 years out: 70 % equities / 30 % bonds and euro fund
- 5 years out: 40 % equities / 60 % safe assets
- At retirement: 15 % equities / 85 % safe (euro fund + short-term bonds)
Historical PER performance (profile 6, balanced):
- 2024: +8.8 %
- 2023: +10.2 %
- 2022: -13.5 % (bond crash year)
- Annualised performance since launch: +4.8 %
Strengths:
- Longest track record among PER robo-advisors
- 100 % ETF: minimal internal fees and global diversification
- 10 profiles for fine risk graduation
- Proven retirement-horizon management
- Detailed reporting with allocation choice explanations
- Integrated tax simulation (estimated tax saving)
Weaknesses:
- 1.60 % fees: not the most competitive
- No SCPIs or private equity
- No self-directed investing option (all managed)
- Euro fund access only for the most conservative profiles
Nalo PER -- Advanced customisation
Insurer: Generali France
The Nalo PER stands out through its custom-built approach. The allocation is not chosen from pre-set profiles: it is built based on your personal situation, retirement date, other investments, and risk tolerance.
Fee breakdown:
- Generali management fees: 0.75 %
- Nalo mandate fees: 0.55 %
- ETF internal fees: ~0.25 %
- Total: approximately 1.55 % per year
Nalo PER specifics:
- Personalised allocation: Nalo considers your entire wealth (property, PEA, life insurance) to build a PER allocation consistent with your overall situation
- Native horizon management: progressive de-risking is built in from sign-up, calibrated to your retirement date
- SRI option: option to switch to an eco-responsible portfolio at no extra cost
- Tax optimisation: Nalo automatically calculates the optimal contribution amount based on your TMI and deduction ceilings
Strengths:
- Genuine allocation personalisation (no standardised profiles)
- Takes total wealth into account
- SRI option at no additional cost
- Fees slightly below Yomoni (1.55 % vs 1.60 %)
- Elegant interface and highly educational reports
Weaknesses:
- Higher Generali fees (0.75 % vs 0.60 % at Suravenir)
- No access to SCPIs, real estate, or private equity
- Minimum initial contribution of 1,000 euros
- Less visibility on exact portfolio composition than at Yomoni
2024 performance (balanced profile): approximately +8.2 %
Ramify PER -- The cheapest on the market
Insurer: Apicil
Ramify positions itself as the cheapest managed PER in France, thanks to particularly competitive Apicil management fees (0.50 %) and contained mandate fees. The offering comes in four universes, some of which include SCPIs and private equity -- a rarity in managed investing.
Fee breakdown:
- Apicil management fees: 0.50 %
- Ramify mandate fees: 0.60 %
- ETF internal fees: ~0.20 %
- Total: approximately 1.30 % per year (Essential universe)
The four PER universes:
- Essential: 100 % ETF allocation, the cheapest (~1.30 %)
- Flagship: ETFs with tactical allocation and enhanced geographical diversification (~1.30 %)
- Green: SRI ETFs and responsible funds for a PER aligned with your values (~1.40 %)
- Elite: ETFs + SCPIs + private equity for maximum diversification (~1.50 % excluding SCPI fees)
Integrated horizon management:
Ramify applies retirement-horizon progressive de-risking across each of its universes. The proportion of safe assets increases automatically:
- More than 20 years from retirement: up to 95 % in risky assets
- At 10 years: ~50 % safe
- At 2 years: ~90 % safe
Strengths:
- Lowest fees on the managed PER market (~1.30 %)
- Unique access to SCPIs and private equity in managed investing (Elite universe)
- Very competitive Apicil fees (0.50 %)
- Modern interface and fast sign-up process
- Four universes covering different needs
Weaknesses:
- More recent player with shorter performance track record
- Apicil less well-known to the public (but financially solid)
- Customer support still maturing
- Elite universe with significant additional SCPI fees
2024 performance (Essential, balanced profile): approximately +9.5 %
Boursorama PER managed investing -- The most accessible
Insurer: UMR (Union Mutualiste Retraite)
The Boursorama PER managed investing (formerly Matla) offers three simple profiles: Conservative, Balanced, and Growth. The allocation uses OPCVM (active funds) rather than ETFs, which results in higher internal fees.
Fee breakdown:
- UMR management fees: 0.50 %
- Mandate fees: included
- OPCVM internal fees: ~0.75 to 1.25 %
- Total effective: approximately 1.25 to 1.75 % per year (variable depending on selected funds)
The three profiles:
- Conservative: 60 % bonds / 40 % equities, 2024 return ~+4.5 %
- Balanced: 40 % bonds / 60 % equities, 2024 return ~+7.0 %
- Growth: 20 % bonds / 80 % equities, 2024 return ~+11.0 %
Strengths:
- Accessible from just 150 euros (lowest minimum initial contribution)
- Integration within the Boursorama ecosystem
- Competitive UMR management fees (0.50 %)
- Smooth and intuitive mobile app
- Easy to use (3 profiles, it's clear)
Weaknesses:
- OPCVM internal fees higher than robo-advisor ETFs
- Only 3 profiles (less precision)
- No allocation customisation
- Less detailed reporting than specialist robo-advisors
Goodvest PER -- The responsible PER
Insurer: Generali France
The Goodvest PER is the only managed PER exclusively dedicated to responsible investing. Every fund is selected for its compatibility with a warming trajectory below 2 degrees (Paris Agreement). The policy holds the Greenfin label.
Fee breakdown:
- Generali management fees: 0.75 %
- Goodvest mandate fees: 0.40 %
- SRI fund internal fees: ~0.55 %
- Total: approximately 1.70 % per year
PER themes:
- Ecological transition and renewable energy
- Access to clean water
- Forests and biodiversity
- Health and well-being
- Employment and solidarity
Integrated SRI horizon management:
Goodvest applies retirement-horizon progressive de-risking while maintaining the SRI consistency of the allocation. Even the safe assets (bonds) are selected according to sustainability criteria.
Strengths:
- 100 % SRI, Paris Agreement compatible
- Greenfin label (the most demanding label)
- Transparency on the portfolio's carbon footprint
- SRI consistency across the entire allocation, including safe assets
- Accessible from 300 euros
Weaknesses:
- Highest fees in this comparison (1.70 %)
- SRI funds have higher internal fees than standard ETFs
- Exclusion of certain sectors (fossil fuels, tobacco, weapons) may reduce performance
- Average Generali euro fund return (2.65 %)
2024 performance (balanced profile): approximately +6.8 %
Retirement-horizon management vs self-directed investing: the real debate
What the law requires
Retirement-horizon managed investing is the default management mode for any PER. If you do nothing, your savings are automatically invested according to a conservative, balanced, or growth profile (chosen at sign-up), with progressive de-risking.
Three de-risking levels are set by regulation:
| Retirement horizon | Conservative profile | Balanced profile | Growth profile |
|---|---|---|---|
| More than 10 years | 30 % max in risky assets | 50 % max in risky assets | 70 % max in risky assets |
| 5 to 10 years | 20 % max in risky assets | 40 % max in risky assets | 50 % max in risky assets |
| Less than 5 years | 10 % max in risky assets | 20 % max in risky assets | 30 % max in risky assets |
When to prefer self-directed investing
Self-directed investing is relevant if you:
- Have solid investment knowledge
- Want to build your own ETF/SCPI allocation
- Want to minimise fees (saving 0.60 to 1.00 percentage points per year vs managed investing)
- Are disciplined and won't panic during market downturns
Best PERs for self-directed investing: Linxea Spirit PER (0.50 % fees + ETF internal fees ~0.20 % = ~0.70 % all-in) and PER Placement-direct (0.50 % + internal fees).
When to prefer managed investing
Managed investing is preferable if you:
- Don't have the time or desire to manage your allocation
- Lack investment knowledge
- Risk making emotional decisions (selling during a crash)
- Want to benefit from automatic de-risking as retirement approaches
Long-term fee impact
Marie, age 35, contributes 300 euros per month to her PER for 30 years (retirement at 65). With an average gross return of 7 % per year:
- Self-directed (fees ~0.70 %): capital at 65 = ~340,000 euros
- Ramify managed (fees ~1.30 %): capital = ~300,000 euros
- Yomoni managed (fees ~1.60 %): capital = ~284,000 euros
- Goodvest managed (fees ~1.70 %): capital = ~278,000 euros
The gap between self-directed and the most expensive managed option reaches 62,000 euros. But note: these projections assume the same gross return, which is not guaranteed. Well-executed managed investing can outperform poorly managed DIY investing.
The essential selection criteria
1. Total fees
This is the most decisive criterion over the long term. Every basis point counts over 20-30 years. Ranking by ascending fees:
- Ramify: ~1.30 %
- Boursorama PER: ~1.25 to 1.75 % (variable depending on OPCVM)
- Nalo: ~1.55 %
- Yomoni: ~1.60 %
- Goodvest: ~1.70 %
2. Quality of horizon management
All managed PERs integrate retirement-horizon de-risking, but the quality of implementation varies. Nalo and Yomoni are the most transparent about their methodology. Ramify and Goodvest also apply this approach rigorously.
3. Investment universe
- If you want SCPIs/private equity: Ramify (Elite universe) is the only one offering this in managed PER investing
- If you want 100 % ETFs: Yomoni or Ramify Essential
- If you want SRI: Goodvest (100 % SRI) or Nalo (SRI option at no extra cost)
- If you want simplicity: Boursorama PER
4. Support and service
Yomoni and Nalo offer the best customer service (chat, phone, educational content). Boursorama benefits from its full banking ecosystem. Ramify and Goodvest are more recent and their services are evolving rapidly.
Our final ranking
| Rank | Managed PER | Total fees | Key strength | Overall score |
|---|---|---|---|---|
| 1 | Yomoni PER | ~1.60 % | Track record, transparency, 10 profiles | 9/10 |
| 2 | Ramify PER | ~1.30 % | Lowest fees, SCPI/PE option | 8.5/10 |
| 3 | Nalo PER | ~1.55 % | Custom-built, SRI included | 8.5/10 |
| 4 | Boursorama PER managed | ~1.50 % | Accessible (150 EUR), Boursorama ecosystem | 7.5/10 |
| 5 | Goodvest PER | ~1.70 % | 100 % SRI, Greenfin | 7/10 |
Frequently asked questions
Can you switch from managed to self-directed investing?
Yes, on most PERs you can switch from managed to self-directed investing (and vice versa) at any time, at no cost. This is an important point: nothing prevents you from starting with managed investing to get your bearings, then switching to self-directed investing when you feel ready.
Is past performance reliable for making a choice?
Past performance does not guarantee future results. However, it provides indications of management quality, investment discipline, and approach consistency. A manager consistently ranked highly over several years inspires more confidence than a newcomer with no track record.
Should you choose the same manager for life insurance and PER?
Not necessarily. You can perfectly well have your life insurance with Yomoni and your PER with Ramify, for example. However, having both with the same manager simplifies tracking and can enable a more coherent overall allocation.
Are PER performance figures different from life insurance performance?
Managed investing performance for PER and life insurance with the same manager is generally very close, as the allocation is similar. The main difference lies in horizon management, specific to the PER, which progressively de-risks the allocation as retirement approaches.
Conclusion
For managed PER investing in 2026, Yomoni remains the safe bet thanks to its proven track record and transparency, but Ramify is the most compelling challenger with significantly lower fees (~1.30 % vs 1.60 %). Nalo is the ideal choice if you want a truly personalised allocation. Goodvest is for committed savers who want a 100 % responsible PER.
Whichever manager you choose, managed investing on a PER has a structural advantage: the very long investment horizon and progressive de-risking towards retirement maximise the chances of benefiting from market performance while protecting accumulated capital.
This comparison is conducted independently. 2024 performance figures are net of management fees and gross of social contributions and tax. They come from manager-published reports and are indicative. Past performance does not guarantee future results. Tax information is provided for guidance only. Sources: official reports from Yomoni, Nalo, Ramify, Goodvest, Boursorama; French Monetary and Financial Code (Articles L224-1 et seq.); France Assureurs.