Swiss bank Mirabaud & Cie, which has CHF15 billion in assets under management and 350 employees spread across a number of wealth management hot-spots worldwide, including Nassau and Hong Kong, is to extend its reach in Monaco with the launch of a wealth and asset management firm in the principality to serve private clients.
The new company, called Mirabaud Gestion Privee SAM, is expected to tap into client demand in the major European financial center, according to its head, Yves Mirabaud. In order to attract and then retain high net worth clients, the new company will seek to leverage its parent's experience in alternative investments, an area in which Mirabaud has been active for the last 30 years. This strategy could prove a shrewd move for Mirabaud Gestion, enabling it to expand upon tactics already tried and tested by Mirabaud itself.
Mirabaud is not planning to establish this new company solely using its own know-how, however. Aiming to develop the business using local competencies, the new company has successfully recruited Stephane Valeri, president of Monaco's National Council, to its board of directors.
Furthermore, Mirabaud's decision to invest in Monaco is sensible given that the principality's financial center is growing strongly. Despite the recent passing of Prince Rainier, the territory is politically stable and it has a strong tradition of fiscal confidentiality, similar to Mirabaud's home market in Switzerland.
Mirabaud's decision to leverage its alternative investments capabilities is a sensible move, particularly considering the popularity of asset classes such as hedge funds and property funds both today and looking forward. Indeed, recent Datamonitor research has found that 90% of asset managers surveyed across Europe expect the alternative investments market to grow in the next three years. This links to a key emerging trend in asset management, whereby wealthy individuals are increasingly looking to invest in asset classes that are not correlated with the stock markets. Mirabaud's long track record in this area will put it in good stead going forward.