During the IMpower FundForum last June, the AMAF organised two round tables. The first brought together three key figures in asset management in Monaco: Antony Stent-Torriani (CEO of Monaco Asset Management), Massimo Passamonti (CEO of Privatam), Bernard Aybran (CEO of CMG Monaco), and Magali Vercesi, Secretary General of the CCAF. They painted a picture of a unique ecosystem with international ambitions. There was a lively discussion on the strengths, challenges and prospects of a territory that attracts hedge funds, private equity and global fortunes. Here is an excerpt from this round table.
Monaco is in a class of its own. With around $1.2 trillion in financial assets held by some 40,000 residents, clients here are, on average, wealthier than in other comparable centres. This profoundly changes the way we work: here, asset management is often multi-jurisdictional, multi-asset and more sophisticated. We do a lot of wealth consolidation. And beyond traditional private banking, we are seeing the rapid growth of alternative activities, particularly hedge funds and, to a certain extent, private equity.
It is evolving rapidly. Until recently, our core business remained focused on residents. But we are now seeing a dynamic of international expansion. We ourselves, for example, manage a $1.2 billion hedge fund from Monaco. Several other alternative funds have set up here in recent years. The trend is clear: international players realise that Monaco is a credible jurisdiction in which to operate, and not just a pleasant place to live.
The first strength is the ultra-connected ecosystem. Monaco is a very small territory where everyone interacts naturally: regulators, bankers, asset managers and clients. This makes exchanges fluid, responses quick and initiatives concrete. This proximity creates a rare collective intelligence, far removed from the bureaucratic silos we see elsewhere.
Privatam is an atypical company. Our business is 100% focused on foreign markets, particularly Latin America and the Middle East. And yet Monaco is a solid foundation for us: we find a stable environment, high-level connections and a regulator that listens. Another asset is the exceptional human diversity: people from all over the world, with specific expectations, but in an ultra-secure environment. This creates an exceptional wealth of relationships.
We are the supervisory authority for financial activities. We issue licences, but above all, we support players throughout their life in the Principality. We have a very close relationship with professionals. They know that if they need us, our door is always open, whether it’s to solve a problem or discuss a new project. This availability is invaluable in an ever-changing environment.
More and more foreign fund managers are approaching us. We enable them to manage funds domiciled abroad from Monaco. This is a rapidly growing activity. Large hedge funds are arriving, and we are expecting several more this year. Monaco is attractive to them, both as a place to live and as a stable and agile professional platform.
A.S.T.: Our customers are primarily here in Monaco. This is already a sizeable market, with a rich cultural and heritage diversity. But at the same time, two areas are emerging strongly: hedge funds, which are already numerous, and private equity, with a recent influx of talent from the United Kingdom and elsewhere. These professionals want to set up here, but this requires regulatory adaptation, which the CCAF actively supports.
M.P.: I would add that one of the key factors in our success is that an asset manager based in Monaco can manage assets domiciled anywhere in the world. This attracts experienced professionals, for whom Monaco offers very favourable working conditions and an incomparable lifestyle.
M.P.: Realistically, no. We are not Singapore, Zurich or New York. But our ambition lies elsewhere: to be a credible alternative to these major centres. We don’t need to attract thousands of players, just a few – the best.
A.S.T.: And when you look at the figures, you are already competing with some Swiss institutions.
It should not be forgotten that Monaco is home to a very powerful community of family offices, some of which are among the largest in the world. The synergies between these entities, banks and asset managers are a rare strength.
B.A.: Leadership is not always measured by size. We may not be the biggest in terms of quantity, but we are the best in terms of agility and excellence. And that is what we do here.
M.V.: Monaco is a great place to live and work. People also move here for the quality of life, security and mutual support among professionals. There is no aggressive competition. It is a virtuous network that is very attractive to the best talent.
