What Is Managed Allocation (Gestion Pilotee) in Assurance Vie?
Managed allocation, also known as gestion sous mandat or gestion deleguee, involves entrusting the investment decisions of your assurance vie contract to a financial professional. Concretely, an AMF-licensed management company selects and switches the funds in your contract according to a risk profile you have previously defined.
Unlike self-management (gestion libre), where the saver chooses their own unit-linked funds and executes their own switches, managed allocation provides permanent professional oversight. In 2024, approximately 25% of assurance vie assets were managed through gestion pilotee, a figure that has been steadily rising over the past five years.
How Managed Allocation Works Day to Day
The mechanism is straightforward. Take the example of Julien, 38, marketing manager in Lyon. Julien wants to invest 30,000 euros in assurance vie but has neither the time nor the expertise to follow financial markets.
By choosing managed allocation at Yomoni (1.60% all-in fees), here is what happens:
- Profiling: Julien answers a questionnaire about his financial situation, goals, investment horizon, and risk tolerance. He is classified as a "balanced" profile (profile 6 out of 10 at Yomoni).
- Initial allocation: Yomoni distributes his 30,000 euros according to the balanced profile: approximately 50% in international equity ETFs (Amundi MSCI World, iShares Core S&P 500), 30% in bond ETFs (iShares Euro Aggregate Bond), 20% in Suravenir fonds euros.
- Monitoring and switches: throughout the year, Yomoni's investment committee adjusts the allocation based on market conditions. If equities have risen significantly, they sell some to return to the target allocation. These switches are free.
- Reporting: Julien receives detailed quarterly reports covering his mandate's performance and the switches executed. He can also follow in real time via the mobile app.
The Main Managed Allocation Providers in 2026
The managed allocation market in assurance vie divides into two broad categories: robo-advisors (specialized fintechs) and managed allocations offered by online brokers or online banks.
Robo-Advisors: The Technology Choice
| Robo-advisor | Insurer | All-in fees | Management style | Funds used | Min. deposit |
|---|---|---|---|---|---|
| Ramify | Apicil | 1.30% | Multi-class (equities, bonds, SCPI, PE) | ETF + SCPI + Private Equity | 1,000 EUR |
| Nalo | Generali | 1.55% | Custom by project | Index ETFs | 1,000 EUR |
| Yomoni | Suravenir | 1.60% | 100% ETF, 10 profiles | Index ETFs | 1,000 EUR |
| Goodvest | Generali | 1.70% | SRI, fossil-fuel exclusion | SRI/thematic ETFs | 300 EUR |
Yomoni: The Pioneer of ETF-Based Managed Allocation
Launched in 2015, Yomoni is France's first robo-advisor. It manages over 1 billion euros in assets and offers 100% ETF-based management.
How it works: 10 risk profiles (P1 ultra-cautious to P10 ultra-dynamic). The allocation is composed exclusively of ETFs selected by Yomoni's AMF-licensed investment committee.
Fee breakdown: mandate fees 0.70%, insurer Suravenir 0.60%, internal ETF fees approximately 0.30%. Total: 1.60% per year all-in.
2024 performance (net of management fees, gross of taxation): cautious (P3) +5.2%, balanced (P6) +8.7%, dynamic (P8) +13.4%, aggressive (P10) +17.1%.
Annualized 5-year performance (2020-2024): balanced (P6) +6.8% per year, dynamic (P8) +9.2% per year.
Ideal for: savers who want simple, transparent, 100% ETF management with a proven performance track record.
Nalo: Custom Management by Life Project
Nalo distinguishes itself with a project-based management approach (retirement, property, children's education) with a personalized allocation for each project.
How it works: no standardized profiles. Nalo creates a custom allocation based on your horizon, goals, and risk tolerance. The allocation automatically evolves as the project deadline approaches (progressive de-risking).
Fee breakdown: mandate fees 0.55%, insurer Generali 0.75%, internal ETF fees approximately 0.25%. Total: 1.55% per year all-in.
2024 performance: cautious (20% equities) +4.8%, balanced (50% equities) +8.2%, dynamic (80% equities) +12.9%.
Special feature: Nalo also offers an eco-responsible option (SRI) and a supplementary retirement option at no additional fee. A dedicated advisor is available from the moment you open your contract.
Ideal for: savers who want personalized, project-based management with human support.
Ramify: Lowest Fees with Multi-Class Approach
Ramify is the most recent robo-advisor but also the most innovative. It stands out with the lowest fees on the market (1.30% all-in) and a unique multi-asset class approach.
How it works: unlike other robo-advisors that invest only in ETFs, Ramify also integrates SCPIs and private equity into its allocations, offering broader diversification.
Fee breakdown: mandate fees 0.60%, insurer Apicil 0.50%, internal fund fees approximately 0.20%. Total: 1.30% per year all-in, the lowest on the market.
2024 performance: cautious +5.5%, balanced +9.1%, dynamic +14.2%.
Special feature: Ramify offers an allocation including 10-20% in SCPI (real estate) and up to 5% in private equity, which smooths volatility and improves risk-adjusted returns.
Ideal for: savers seeking the lowest possible fees in managed allocation, with diversification beyond ETFs.
Goodvest: SRI Managed Allocation
Goodvest specializes in responsible investment. Its allocations exclude fossil fuels, tobacco, weapons, and controversial companies.
How it works: 100% SRI managed allocation with thematic ETFs (renewable energy, healthcare, ecological transition). The allocation is aligned with the Paris Climate Agreement.
Fee breakdown: mandate fees 0.60%, insurer Generali 0.75%, internal SRI ETF fees approximately 0.35%. Total: 1.70% per year all-in.
2024 performance: cautious +4.1%, balanced +7.5%, dynamic +11.8%.
Special feature: Goodvest measures your portfolio's carbon footprint and provides an impact report. It is the only robo-advisor to have obtained the Greenfin label.
Ideal for: savers concerned about the environmental impact of their investments, willing to accept slightly higher fees.
2024 Performance Comparison by Profile
| Robo-advisor | All-in fees | Cautious profile | Balanced profile | Dynamic profile |
|---|---|---|---|---|
| Ramify | 1.30% | +5.5% | +9.1% | +14.2% |
| Yomoni | 1.60% | +5.2% | +8.7% | +13.4% |
| Nalo | 1.55% | +4.8% | +8.2% | +12.9% |
| Goodvest (SRI) | 1.70% | +4.1% | +7.5% | +11.8% |
Analysis: Ramify shows the best performance in 2024 across all profiles, thanks to the combination of the lowest fees (1.30%) and a multi-class allocation (ETF + SCPI + private equity). Yomoni and Nalo are neck and neck, with a slight edge to Yomoni. Goodvest, despite honorable performance, trails slightly due to its SRI constraints and higher fees.
Online Broker Managed Allocations
Beyond robo-advisors, online brokers offer managed allocations on their assurance vie contracts:
| Contract | Management company | Mandate fees | Contract fees | Estimated total | Specificity |
|---|---|---|---|---|---|
| Linxea Spirit 2 | Yomoni / Otea Capital / Montsegur | 0.20% | 0.50% | ~1.00% | Choice between several managers |
| Boursorama Vie | Edmond de Rothschild AM | 0.00% (included) | 0.75% | ~1.05% | Prestigious management, 4 profiles |
| Linxea Avenir 2 | DNCA / Yomoni | 0.20% | 0.60% | ~1.10% | Dual manager choice |
| Lucya Cardif | Montsegur Finance | 0.20% | 0.50% | ~1.00% | 2,300+ UCs in self-management |
Advantage: mandate fees are lower (0.00% to 0.20%) since they cover only management, not the insurer. The total remains comparable or lower than robo-advisors, but the funds used may include traditional OPCVMs (with higher internal fees than ETFs).
The Advantages of Managed Allocation
A Considerable Time-Saver
Following financial markets, analyzing funds, deciding on switches -- all of this demands time and knowledge that most savers do not have. Managed allocation frees the investor from these constraints. Caroline, 45, general practitioner in Bordeaux, used to spend 3 to 4 hours per month monitoring her investments. Since switching to Nalo (1.55% all-in), she simply reviews her quarterly statement and has an annual check-in with her dedicated advisor.
Professional Diversification
Management companies have access to sophisticated analytical tools and sector expertise that individuals do not possess. Yomoni, for example, uses quantitative models to optimize allocation across asset classes (equities, bonds, commodities) and geographic regions, reducing overall portfolio risk.
Investment Discipline
One of the saver's main enemies is themselves. Behavioral biases -- panic during declines, euphoria during rallies -- often lead to poor decisions. A professional manager applies rigorous, emotion-free discipline. In March 2020 (Covid crash), robo-advisors maintained their allocations and reinforced equity positions at discounted prices, while many self-managed savers sold in panic.
The Different Managed Allocation Profiles
Virtually all contracts offering managed allocation provide three to five risk profiles:
| Profile | Equity share | Expected annual return | Historical max drawdown |
|---|---|---|---|
| Cautious | 10-25% | 3 to 5% | -5% to -8% |
| Balanced | 30-55% | 5 to 7% | -10% to -15% |
| Dynamic | 60-80% | 7 to 10% | -15% to -25% |
| Aggressive | 80-100% | 8 to 12% | -20% to -35% |
Worked example: Nathalie, 50, executive in the pharmaceutical industry, invested 50,000 euros in balanced managed allocation at Yomoni 5 years ago. With an annualized performance of 6.8% net of management fees (1.60% all-in), her capital has reached 69,500 euros, a gain of 19,500 euros. During this period, her contract's value temporarily dropped 11% in 2022 before recovering strongly in 2023-2024.
Managed Allocation Fees
Managed allocation generates additional fees compared to self-management. It is essential to identify them clearly.
Fee Breakdown by Provider
| Fee category | Yomoni | Nalo | Ramify | Goodvest |
|---|---|---|---|---|
| Mandate (management) fees | 0.70% | 0.55% | 0.60% | 0.60% |
| Insurer fees | 0.60% (Suravenir) | 0.75% (Generali) | 0.50% (Apicil) | 0.75% (Generali) |
| Internal fund fees (ETF) | ~0.30% | ~0.25% | ~0.20% | ~0.35% |
| All-in total | 1.60% | 1.55% | 1.30% | 1.70% |
| Switch fees | Free | Free | Free | Free |
| Entry fees | 0% | 0% | 0% | 0% |
Long-Term Impact on Performance
On a 50,000 euro investment over 20 years with a 7% gross return:
| Management mode | Total fees | Final capital (20 yrs) | Difference |
|---|---|---|---|
| Self-managed Linxea Spirit 2 + ETF | 0.68% | 175,400 EUR | Benchmark |
| Ramify (managed) | 1.30% | 155,200 EUR | -20,200 EUR |
| Nalo (managed) | 1.55% | 149,600 EUR | -25,800 EUR |
| Yomoni (managed) | 1.60% | 148,500 EUR | -26,900 EUR |
| Goodvest (managed SRI) | 1.70% | 146,200 EUR | -29,200 EUR |
| Traditional bank managed | 2.50% | 128,300 EUR | -47,100 EUR |
Analysis: self-management with ETFs on Linxea Spirit 2 remains the most performant solution (0.68% fees), but it requires time and expertise. Robo-advisors represent an excellent compromise: Ramify (1.30%) costs only 0.62 points more than self-management, for a fully delegated service. In contrast, traditional bank managed allocation (2.50%) costs 47,100 euros more over 20 years.
How to Choose Your Managed Allocation
Essential Selection Criteria
- All-in fees: this is criterion number one. Ramify (1.30%) is the cheapest, followed by Nalo (1.55%) and Yomoni (1.60%). Avoid managed allocations above 2% in fees.
- Type of funds used: ETF-based managed allocations (Yomoni, Nalo, Ramify, Goodvest) have significantly lower internal fees than those using active funds.
- Transparency: a good mandate offers regular reporting, detailed portfolio composition, and switch history. Yomoni, Nalo, and Ramify excel here with clear mobile apps.
- Past performance: while past performance does not predict future results, it indicates management quality. Compare over 3 and 5 years, and especially analyze behavior during downturns (2020, 2022).
- Personalization: Nalo stands out with project-based management. Goodvest offers SRI management with fossil-fuel exclusion. Ramify provides unique multi-class diversification.
- Human support: Nalo offers a dedicated advisor from day one. Yomoni provides one from 100,000 euros in assets. Ramify and Goodvest offer appointments on request.
Which Robo-Advisor Based on Your Profile?
| Your profile | Our recommendation | Why |
|---|---|---|
| Tight budget, minimum fees | Ramify (1.30%) | Lowest fees on the market, solid performance |
| Beginner, need guidance | Nalo (1.55%) | Dedicated advisor, project-based, custom |
| Seeking simplicity and reliability | Yomoni (1.60%) | The pioneer, 100% ETF, 10 profiles, intuitive app |
| Responsible investor / SRI | Goodvest (1.70%) | Greenfin label, fossil-fuel exclusion, measured impact |
| Maximum diversification (SCPI, PE) | Ramify (1.30%) | Only robo-advisor integrating SCPI and private equity |
The Limits of Managed Allocation
Loss of Control
By delegating management, you accept no longer deciding on switches. Some savers struggle with this loss of control, especially during market turbulence. If you want to keep the reins, self-management on Linxea Spirit 2 (700+ UCs, 40+ ETFs, 0.50% fees) or Lucya Cardif (2,300+ UCs) will be more suitable.
No Performance Guarantee
Managed allocation offers no performance guarantee. Profiles containing unit-linked funds are exposed to capital loss risk. Over the 2020-2024 period, dynamic profiles experienced significant variations: -15% to -20% during the Covid crash (March 2020), -8% to -12% in 2022 (rate hikes), before recovering strongly in 2023-2024.
Cost Premium vs Self-Management
Managed allocation fees (1.30% to 1.70%) remain higher than self-managed ETFs on an online contract (0.68%). Over 20 years, this difference represents 20,000 to 30,000 euros for a 50,000 euro investment. That is the price of peace of mind.
Conclusion: Is Managed Allocation Right for You?
Managed allocation is a relevant solution for the majority of savers who want to invest in financial markets without spending time on it. It is particularly suited:
- For beginners without solid financial knowledge -> Nalo (dedicated advisor, custom)
- For overwhelmed professionals who lack time -> Yomoni (simplicity, 100% ETF)
- For investors wanting the lowest delegated management fees -> Ramify (1.30% all-in)
- For responsible investors -> Goodvest (SRI, Greenfin label)
- For those seeking professional diversification at a modest entry point (1,000 euros at Yomoni, Nalo, Ramify; 300 euros at Goodvest)
Our recommendation: if you are unsure, start with Ramify (lowest fees at 1.30%, multi-class diversification) or Yomoni (most proven, 100% ETF). If human guidance is important, opt for Nalo. If responsible investing is your priority, choose Goodvest.
The key is to choose a contract with controlled fees (between 1.30% and 1.70% all-in for a robo-advisor), a risk profile suited to your investment horizon, and a transparent, well-performing management company.
Disclaimer
The information presented in this article is provided for informational and educational purposes. It does not constitute personalized investment advice. Past performance is not indicative of future results. All investments carry a risk of capital loss on unit-linked funds. The 2024 performances mentioned are net of management fees and gross of taxation, as communicated by the respective providers (Yomoni, Nalo, Ramify, Goodvest). Before making any investment decision, we recommend consulting a qualified financial advisor.