Pricing Policy
The fees presented herein by Tilvest are expressed in euros. Unless otherwise stated, these fees are not subject to value-added tax (VAT), and the amounts are therefore inclusive of all applicable taxes.
In the event of any changes to this policy, an update will be published on Tilvest’s website (at the following page: https://www.tilvest.com/legal/politique-tarifaire) and made available on a durable medium at least one month prior to its entry into force. Your silence shall be deemed acceptance of the new pricing policy. Otherwise, any refusal will result in the termination of our contractual relationship.
For more specific needs or operations, Tilvest remains available to provide a tailored quotation adapted to your situation. A contact form is available on our website (https://www.tilvest.com) for this purpose.
Fees are divided between those applicable to end clients (Section I) and those applicable to partners distributing the Tilvest offering ("Partners") or to certain service providers (Section II).
I – Fees Applicable to Clients
1. Standard Fees
These fees relate to the establishment of your contract, the integration of your investments and operations (initial or subsequent payments, reallocations, withdrawals), and compensation for Tilvest’s custody service.
Depending on how the relationship is initiated (e.g., through a specific Partner), these fees may be reduced. Where applicable, preferential terms are detailed in your contract.
In the event of contract termination—whether full or partial—no custody fees are charged for the ongoing period.
2. Additional Fees Specific to Discretionary Management
Fees related to discretionary management cover both management and performance-related remuneration.
*A strategy is considered "active" when, in the reference month, the total amount of transactions executed exceeds 3 times the overall value of the strategy as at that date.
The calculation and invoicing of performance fees may be monthly or quarterly as defined in your contract.
Performance fees are subject to VAT at the applicable rate on the billing date.
Depending on the relationship initiation method (via a Partner or not) or the strategies referenced in the Tilvest offer, the management and/or performance fees may be reduced. Any preferential terms are explicitly stated in your contract.
In the event of termination of the contractual relationship, whether full or partial:
- No management fees are charged for the current month,
- Performance fees are charged on the date of termination, and the reference value is updated accordingly.
3. Additional Fees Specific to Self-Directed Management
Fees related to self-directed management depend on the execution method (a) and are calculated and invoiced (b) based on the transaction amount.
a) Principles Governing Order Execution Affecting Transaction Amounts
Under self-directed management, orders accepted by Tilvest may be:
- "at market", i.e., at the best available market price;
- "limit order", i.e., conditional on achieving a specific price;
- "stop order", i.e., triggered once a threshold is reached;
- "stop-limit order", i.e., triggered from a threshold and within a specified price range.
Depending on your selection, these execution types may affect the transaction amount and, consequently, the final commission due.
Tilvest’s objective is to ensure the best possible result. Several factors are considered:
- Price,
- Costs,
- Speed of execution,
- Likelihood of execution and settlement,
- Order size,
- Order type,
- Custody conditions for crypto-assets.
Accordingly, Tilvest selects the most suitable execution platform based on the following priorities:
- Price and total cost of the transaction,
- Financial stability of the platform,
- Reliability and security of the execution and trading process,
- Market access and value-added services,
- Custody conditions for crypto-assets.
Finally, Tilvest selects the place of execution based on connection costs and execution fees.
On this basis, the exact amount of fees is calculated as described in the next section. Upon request, Tilvest can provide supporting details to justify best execution for the executed order.
b) Calculation and Billing
Self-directed management fees are charged as commissions. They are calculated based on segmented portfolio value brackets (amounts are expressed in euros or the equivalent at the applicable exchange rate on the transaction date).
The exact amount of fees is calculated and submitted for your final approval via your dedicated interface before validating your instruction.
Tilvest reserves the right to reject any transaction request submitted outside the Tilvest application. In such cases, and by way of exception to the standard fee schedule, an intervention fee of 2% of the transaction amount (in euro equivalent at the time of the request) may be applied, with a minimum fee of €10.
II – Fees Applicable to Partners and Certain Tilvest Service Providers
The pricing applicable to Tilvest Partners is personalized and detailed in each Partner’s agreement.
The billing methods for these fees are also specified therein.
The same applies to fees for service providers using Tilvest applications.
Annex – High Water Mark Mechanism
Year 1:
- Initial investment: €100,000 (initial HWM)
- Year-end value: €150,000
- Gain vs. HWM: €50,000
- Performance fee: €5,000 (10% of €50,000)
- New HWM: €150,000
Year 2:
- Year-end value: €50,000
- Below HWM (€150,000)
- No performance fee
- HWM remains €150,000
Year 3:
- Year-end value: €100,000
- Still below HWM (€150,000)
- No additional performance fee
The chart illustrates the following key stages:
- Initial investment of €100,000
- Increase to €150,000 at the end of Year 1
- Deduction of €5,000 in performance fees, reducing the value to €145,000
- Drop to €50,000 in Year 2
- Recovery to €100,000 in Year 3
The High Water Mark remains at €150,000 after Year 1, meaning no performance fee will be charged again unless the investment value exceeds this level.
As of June 26, 2025