Monaco has demonstrated its agility and concrete support for financial innovation.

Interview with Michael Fiorentini, Co-founder and Managing Partner of Amberlake Partners Monaco

A former banker in Luxembourg and Monaco, Michael Fiorentini co-founded Amberlake Partners in 2021 with the ambition of bringing a more agile and international approach to wealth management. The first player in the Principality to obtain a licence from the US Securities and Exchange Commission (SEC), the Monegasque management company stands out for its ability to welcome American clients and for its strategy firmly focused on structuring tailor-made products and technological innovation.

Can you tell us about your career and the origins of Amberlake Partners?

I am originally from the region and spent about ten years in Luxembourg, where I worked for major banks, including BNP Paribas and Credit Suisse. In 2016, I had the opportunity to return to Monaco.

It was a return I had wanted for a long time: opportunities are rare in this market, and I told myself that if I didn’t go for it then, I might never get the chance.

Following the Covid period, in 2021, I decided with my partner, Jagdeep Kapoor, a British financier, to set up our own management company: Amberlake Partners. We first built up a core client base from our professional circle, then gradually recruited former bankers and managers who wanted to leave banking structures to find more freedom and agility in an open architecture.

What is your speciality and how does this translate into your management approach?

I come from the world of structured products, where I began my career in Luxembourg. This product DNA remains at the heart of our management: it allows us to adopt a ‘buy and hold’ approach in which the client benefits from defined protection – for example, at -40% – and does not have to endure daily market volatility.

This approach also provides good collateral value for credit and allows for controlled leverage. Of course, we also offer traditional equity and bond management, but our identity is based on structuring, flexibility and the search for the best risk/return ratio.

You mention an open architecture. In concrete terms, what does this change for your clients?

We work with more than a dozen custodian banks and as many product issuers. This means that a client holding assets in bank X can easily subscribe to a product issued by bank Y. This total freedom of combination is a major advantage: we can select the best solution each time.

In traditional banking, advisors are often encouraged to promote ‘in-house’ products. We are exclusively on the client’s side. Our role is to help them sort through the options and access the best products on the market.

Is it this independence and agility that sets Amberlake Partners apart from other players?

That is one of our distinguishing features, yes. Others do it too, but I think our management team is probably one of the youngest in Monaco in this field. This gives us a greater capacity for adaptation and innovation. We set up our structure fairly early on in our careers, which allows us to be both dynamic and bold in our developments – starting with obtaining our registration with the SEC as an Investment Adviser.

You have obtained SEC approval: a first in Monaco. Can you explain what this entails?

When a bank says no to an American in Europe, we find the regulatory and operational way to say yes.

Indeed, we are the first to have obtained this licence in Monaco. The process took about a year and a half. In the United States, since the 2008 crisis, regulations require a strict separation between advisory services and custodian banks: the same entity cannot be both an adviser and a custodian of client assets. In Europe, however, this integrated model remains common. Until now, this made it impossible for a US resident to obtain advice from a Monegasque bank.

To get around this regulatory hurdle, we worked closely with the APDB (Personal Data Protection Authority) and the Monegasque authorities. We had to set up systems of waivers signed by US clients, official letters of comfort from the Monegasque government to the SEC, and reassure the US authorities about data management and confidentiality.

This unprecedented groundwork was costly and time-consuming, but we benefited from the exemplary support of the Monegasque government. The administrative services and the APDB played their role perfectly: they facilitated exchanges with the US authorities and demonstrated real openness and agility. This collective success illustrates the Principality’s ability to support financial players in their international endeavours.

What concrete benefits has this licence had on your business?

They are very significant. Today, around 25% of our clients are American. Several European banks refer their American clients directly to us, as they are unable to retain them, and we then become their advisory partner.

Thanks to this status, an American client can transfer their portfolio in kind to Monaco without having to sell their assets in the United States. Once transferred, they can obtain a bank loan to finance, for example, a property in Monaco. It is a win-win system for everyone: the client, the custodian bank, the estate agents, and the Monegasque financial centre as a whole.

Political and fiscal instability in the United States, combined with the rising cost of credit, is prompting more and more Americans to look to Europe, and particularly Monaco, for a more stable environment in which to protect and diversify their assets.

So your clientele is very international?

Absolutely. Our team itself is international: I am French-Swedish, my partner is British, and we have Russian-speaking, Arabic-speaking and Scandinavian colleagues. This cultural and linguistic diversity is a real strength. Our aim is not to ‘pass the same files around’ between Monegasque players, but to attract new capital to Monaco.

What types of products do you favour?

We structure our products directly, without going through brokers. This is one of our competitive advantages. We have direct lines of communication with issuers’ trading desks, which allows us to constantly innovate and quickly offer new structures to clients.

Structured products are therefore at the heart of our expertise, but we also offer securitised solutions in private debt and private equity.

What is your position on responsible investment?

We are able to offer ESG or SRI-labelled solutions when issuers offer them, but honestly, demand remains marginal. Our clients do not base their decisions primarily on these criteria: above all, they are looking for performance and security.

How do you manage compliance and risk in such a complex environment?

We have an organisation that complies with international standards: an in-house Compliance Officer, a KYC Officer dedicated to client onboarding, and regular audits and independent controls. The system is robust, but above all, we must commend the Monegasque framework, which is now of a very high standard.

The Monaco government was particularly responsive and professional during our dealings with the SEC. This support was decisive. It demonstrates the regulatory maturity of the jurisdiction and its ability to deal on an equal footing with major international jurisdictions.

How do you see Amberlake Partners growing?

We are ambitious: I don’t believe much in fixed business plans, because it is action that creates information. Reality is often different. Our strategy is based above all on selective recruitment: we bring in experienced bankers who are keen to offer a more personalised service to their clients.

We plan to welcome two new bankers by the end of the year. We are also developing our activities in the United States, because our solution for American clients has real value: it enables new asset flows to be activated, supports credit and boosts the market.

Are you investing in technology?

Yes, a lot. We develop our tools in-house, particularly for monitoring structured products with Ambervision: valuation, observation, redemption, curves, graphs. These developments enable automatic and visual monitoring for the client. The advent of artificial intelligence has multiplied our possibilities: for example, we have AI capable of analysing a product and generating a personalised comment for the client, which is directly visible on their platform. This is a valuable aid to transparency and responsiveness.

You mentioned the Monaco market. What do you think would be needed to strengthen its international visibility?

This is a key issue. When an American says, ‘I’m going to Europe,’ they think of Switzerland. For them, Luxembourg is synonymous with the institutional financial industry. Monaco is still not widely recognised as a banking centre in its own right. Yet Monegasque banks are just as competent and solid.

Amberlake is naturally available to support any initiative aimed at raising awareness of Monaco as a financial centre and its advantages among American investors. The potential is considerable: even if only a tiny percentage of wealthy American clients were interested in Monaco, the impact would already be significant for the local economy.

In conclusion?

Amberlake Partners was born out of the conviction that a different approach to private banking is possible: one that is more agile, more international and resolutely client-focused. And if we have been able to do this, it is also thanks to the responsiveness and concrete support of the Monegasque government. The Principality has proven that it can be a credible and innovative player in global finance.

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