Baby Portfolio: VWCE & Chill vs. Managed Account

Hi everyone, I’m setting up a custodial account for my newborn to access at 18. I'm torn between two approaches:

1. The DIY Route: 100% VWCE (Vanguard FTSE All-World). Simple, low cost, broad exposure.

2. Managed Account: They offer a managed portfolio service, but the fees seem steep:

€200 setup fee.

0.1% monthly management fee (that's 1.2% per year!).

Plus a performance fee if they beat their benchmark.

Question: That 1.2% annual fee sounds like a wealth killer over an 18-year timeframe. However, for the Managed account their YoY is around 13-16% in the past 8 years. What would be the best route?