Istanbul Portfoy Portfolio Managers, who are experts on their field, invest on various capital and money market instruments with the capital of the investors on behalf of them. Portfolio manager is guided by the risk preference stated by the investor beforehand; therefore approval of customer is not required. In portfolio management service, a comparison criterion (benchmark) is specified together with the investor in order to determine a risk/return expectation. Benchmark is the criteria that shows expected return at the end of the portfolio management. This criterion can be an investment index or an investment product.