Asset Management

Asset Management


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Friday, 24 March 2017 17:11

Discretionary Fund


Discretionary Fund

The Discretionary Fund or KPD (Kontrak Pengelolaan Dana) is a bilateral agreement between the client and the investment manager. The agreement includes: details of the concerned parties (client and investment manager), applied terms and conditions, investment parameters such as objectives and limitations, effective date of the agreement, any fees related to portfolio management, reporting, and provisions and/or stipulations drawn up by both parties. As part of the agreement, Power of Attorney is granted to the investment manager, whereby the client permits the investment manager to execute any investment activities on his or her behalf. This agreement may or may not be signed on top of a duty stamp and in front of a legal authority notary.

Difference between Discretionary Funds and Reksa Dana

A Reksa Dana is formed through a collective investment contract between an investment manager and custodian bank, with the investment units tied to the investors. A Reksa Dana has to get approval from Bapepam-LK, whereas a Discretionary Fund needs no approval from Bapepam-LK, but must be reported it to Bapepam-LK by the investment manager. In addition, the client shall choose his/her own preferred custodian bank and form a bilateral contract between them, which is a bilateral contract separate from the agreement with the investment manager.