Founder of Penta Asset Management SA in Switzerland, Maurice Benezra has been a professional in the banking and wealth management area for over 30 years. He founded the Monegasque company two years ago, with Franck Biancheri, former Government Minister for Finance and Economy, and Jean-Noël Sione, who was formerly with Paribas and Union Bancaire Privée.
Was Penta Asset Management founded in Geneva?
Yes, in August 2010. We are a multi-family office, our goal being to offer high income customers optimised services in terms of financial advice, portfolio management and asset management. The 2008/2009 crisis and the economic context following it generated major developments in the banking sector. Indeed, in Switzerland the major European banks prefer custodian and implementation bank activities. Some customers misunderstood these changes and naturally turned to an independent contractor able to advise them and offer them personalised service, with no conflict of interest and in complete transparency. That is why I created Penta Asset Management – to be alongside customers.
Do you offer other services?
Many of our customers are company managers and entrepreneurs who take risks on a daily basis but wish to protect their assets. They are highly sensitive to overall treatment in the financial management of their assets, and administrative management (consolidation, monitoring of their property holdings). For some, we oversee the stock of their works of art, study their insurance policies, and structure their assets – it is an extremely broad area.
Are banks your partners?
Absolutely. That gives us different views and allows us to envisage several options. The group works with a dozen banks, around a third of which are in Monaco.
We may also be required to work with lawyers and legal advisors. And even with family offices, which can call on us in their investment committees. Our main concern is to offer customers the best service and optimise their portfolios, with a moderate risk level. We are highly committed to our customers and we strive to protect their assets. It is all about people: they have chosen us because they trust us. I have been taking care of some families for three generations.
Why did you set up in Monaco?
We have been in Monaco since 2012. We took that decision because it is a very well regulated financial centre, much more so than some others. The government’s approach to « the new world of finance » is a very responsible one. Banking in general is effective. The size of the Principality, the world’s second smallest state, makes procedures and relationships easier. Many of our customers, largely from the Mediterranean area (Italy, Spain, Turkey etc.) and the Middle East, already had connections with Monaco and now they are setting up there. It is an accessible city-state which is very pleasant to live in. For my part, I am strongly connected to Monaco – some members of my family have lived there since 1990.
