SG IS Monaco: Société Générale Private Banking Takes a New Step Forward in the Principality

Société Générale Private Banking Monaco announces the creation of SG IS Monaco, an asset management company incorporated under Monegasque law, established to develop and operate all asset management activities from the Principality. To outline the challenges and ambitions of this transformative project, Emilie Chauvet, Deputy Chief Executive Officer of SGPB Monaco, discusses the strategic significance of this new venture, while Gilles Guesdon, Chief Executive Officer of SG IS Monaco, details the organization, activities, and operational structure of the new company.

What is SG IS Monaco?

Gilles Guesdon:

SG IS Monaco is an asset management company incorporated under Monegasque law, established by the Société Générale Group to develop and operate asset management activities from the Principality. It is structured as a Monegasque public limited company (SAM) and is authorized by the Commission for the Supervision of Financial Activities (CCAF).

Why is Société Générale Private Banking establishing an asset management company in Monaco?

Emilie Chauvet:

The creation of SG IS Monaco serves a dual strategic purpose: to strengthen the positioning and presence of Société Générale Private Banking Monaco by developing a local asset management offering, and to harmonize and strengthen the governance of asset management activities within the Group’s Private Banking division, which is now structured around three key locations: France, Luxembourg, and Monaco. With the launch of SG IS Monaco, Société Générale Private Banking Monaco will cover all three business lines: Private Banking, Retail Banking, and Asset Management.

In what ways is this project transformative for the Monaco financial center?

Emilie Chauvet:

SG IS Monaco enables us to offer funds and investment solutions governed by Monegasque law, designed and managed locally, while adhering to high international standards of governance, risk management, and compliance. The project thus contributes to the development and attractiveness of the Monegasque financial market, targeting both local and international clients.

Who is SG IS Monaco aimed at?

Gilles Guesdon:

SG IS Monaco primarily targets the existing client base of Société Générale Private Banking Monaco and aims, through Monegasque vehicles, to expand its reach to local institutional clients, as well as professional clients, corporations, and family offices.

What activities will SG IS Monaco undertake?

Gilles Guesdon:

SG IS Monaco will primarily provide portfolio management services on behalf of third parties, manage collective investment schemes (CIS) governed by Monegasque law, manage CIS governed by foreign law (primarily European), and offer investment advisory and support services, enabling us to fully assist our clients in developing their portfolio strategies.

How does this differ from the structure in place before SG IS Monaco was established?

Emilie Chauvet:

Until now, discretionary asset management in Monaco was handled directly by SGPB Monaco. The creation of SG IS Monaco allows for a clear separation of banking and asset management activities, entrusting them to a dedicated management company, in line with existing models in France and Luxembourg within Société Générale Private Banking.

What are the medium-term growth goals?

Emilie Chauvet:

Over the next few years, SG IS Monaco aims to achieve significant growth in assets under management, particularly through the development of investment funds governed by Monegasque law, the gradual transition of existing assets to locally managed solutions, and a measured ramp-up of the management of foreign UCITS.

How is SG IS Monaco organized in terms of governance?

Gilles Guesdon:

SG IS Monaco is launching with a team of five people, including the existing management teams transferred from SGPB Monaco, supplemented by the required regulatory functions. The company is governed by a Board of Directors composed of a Chairman and four directors. Operational management is handled by a Chief Executive Officer and a Deputy Chief Executive Officer, who are responsible for strategic direction and the conduct of business.

What are the roles of SG IS Europe and SGPB Monaco?

Gilles Guesdon:

SG IS Europe, based in Luxembourg, acts as the parent company and oversees the organization, risk management, and internal control framework. SGPB Monaco handles corporate functions (finance, HR, legal, tax, compliance) as well as certain operational IT services.

What is the main benefit for clients?

Emilie Chauvet:

For clients, SG IS Monaco offers local management that draws on the expertise of an international group, embodied by teams based in Monaco; customized investment solutions tailored to complex portfolios; and clear, transparent governance that complies with Monegasque regulatory requirements and Société Générale Private Banking’s standards.

How does this project fit into Société Générale Private Banking’s overall strategy?

Emilie Chauvet:

SG IS Monaco is fully aligned with Société Générale’s private banking strategy, which aims to structure its asset management activities around strong geographic hubs, enhance the consistency of its systems, and offer clients local, robust, and responsible investment solutions. SG IS Monaco embodies Société Générale Private Banking’s commitment to helping make Monaco a strategic asset management hub, combining international expertise, rigorous governance, and close client relationships.