Monaco’s privileged geographical position, warm climate, safe environment, accessibility, political stability, attractive tax policy, glamorous all-the-year-round events, cosmopolitan flair, exceptional quality of life attract celebrities, royalty, and wealthy families from many parts of the world. Banks in Monaco developed a high-profile reputation for the top quality of service and a wealth of experience in dealing with highly demanding customers. Our experts can recommend you a variety of options for the remote opening of an external asset management account with banks in Monaco. Read this article about one of such offers and contact us at email@example.com for more details or the set-up services.
The minimum deposit required to open an account is 500,000 EUR/CHF/USD. No personal visit to Monaco is required – the account is opened completely remotely, provided that all stages of the procedure, including a telephone interview, have been successfully completed.
External Asset Management Account
An external asset management account differs from an ordinary bank account, first of all, in that all communication with the bank is performed by the external asset manager, also known as the independent asset manager, or the wealth manager. This account allows the client:
- to pass the verification by the bank, including the Due Diligence procedure, much faster and more effectively
- to open accounts with foreign banks remotely and at a reduced fee
- to benefit from additional services and incentives
- to receive the highest possible quality of service
- to enjoy lower maintenance fees.
Services of external asset managers are increasingly popular today. Clients especially appreciate the opportunity to establish long-term trustworthy relationships with their dedicated wealth management experts who readily provide competent investment advice and guidance.
Unlike a bank manager, the external asset manager is an independent party and does not have to follow the internal policies of a particular bank. If the purchase of any product or service does not meet the client’s interests, the external asset manager will not conceal this.
Among other benefits that the account holder receives from external asset management, are the following ones:
- the ability to make more balanced investment decisions, thanks to the comprehensive picture generated by two different sources of investment and financial analytics
- the access to the widest possible range of products and services, thanks to the external asset manager’s relations with other banks and external service providers
- the ability to respond quickly in case of the need to close the account and transfer funds to another jurisdiction
- comprehensive solutions for any family needs
- the complete protection of the client’s interests – including legal advice and protection during transactions with banks
- the twofold service and double verification of each transaction (on both – the independent asset manager’s and the bank manager’s – sides)
- the relevant services available even outside the working hours of banks
- the maximum consolidation of knowledge and experience of professionals in the interests of the client
- an opportunity for a higher level of profitability and a lower level of expenses
The recommended bank in Monaco
The history of this Monegasque bank is strongly linked to that of the Principality of Monaco and private banking in that country. The bank was originally founded by several major international banks together with local investors. The main idea was to set up a boutique bank to serve wealthy clients from Monaco and other countries along the Mediterranean coast.
The recommended bank’s close ties with the Principality and its role in the development of Monaco as a financial center explain its active involvement in the local economy and its ability to provide a wide range of services to its clients.
In recent years it has significantly expanded its international profile and now serves customers from all over the world.
It is one of the market leaders in international private banking in Monaco. It is a subsidiary of an Italian investment bank listed on the Milan Stock Exchange.
The bank recommended by us provides clients with services in three main areas: private banking, investment management, and financing. The wide range of its investment products and services is designed to meet the specific needs of each client.
Investment products and services at the bank in Monaco
Depending on client needs, the bank offers various investment services such as investment advice, discretionary portfolio management, and mutual or investment funds.
The funds have the advantage of providing access to markets with a high level of diversification. For each market, professional management and guaranteed liquidity are provided according to the conditions defined for the respective fund.
Investment advisory services
The Investment Consultancy Unit is an independent organization with a mission to provide additional technical support and facilitate access to market information to answer various client questions.
The client may, for example, request a portfolio analysis with a request to adjust the investment to certain risks and yield settings. Similarly, Clients who are active in financial markets may request from their managers the investment proposals that cover certain investment aspects.
The Investment Consultancy Unit is also involved in structured product and portfolio optimization issues to provide a guarantee to commitments.
The Portfolio Management Unit is a specialized division for discretionary management mandates. It serves both individual and institutional clients.
Management of discretionary mandates is based on the strategy stipulated by the bank. The Client chooses his risk profile and informs the bank about any specific requirements that will be taken into account during the strategy implementation.
The following aspects are particularly important for organization of the discretionary management unit:
- compliance with methods
- professionalism of employees.
The discretionary management investment process is coordinated with a specific management method for each asset class to meet the following objectives:
- for bonds: to protect capital over time
- for equities: to select discounted stocks by by a valuation method.
Each month, after reviewing the latest macroeconomic trends, the Financial Committee determines an investment strategy for each asset class. This strategy provides the basis for tactical asset allocation in each portfolio managed.
The bank’s mutual funds and investment funds are managed by a team of experienced managers from the bank’s specialized subsidiary.
Thanks to this subsidiary, the bank is a leader in the local mutual funds market.
The funds are intended to be used as investment instruments for the distribution of the client’s wealth based on the client’s financial objectives and an acceptable level of risk.
Specialized funds established under the laws of Monaco and Luxembourg have certain characteristics that make them particularly attractive for wealthy clients wishing to optimize their asset management approaches.
Thanks to its subsidiary – the market leader in fund management, the bank stands out by its ability to offer its clients personalized solutions in the area of dedicated funds.
These funds are created according to customer requirements with consideration of the pre-defined capital.
For over 40 years the bank has been supporting its international clients in real estate projects in Monaco, the Riviera, and prestigious areas of Paris, offering a range of financial solutions meeting their needs.
It is committed to satisfying all of its clients’ financing demands by providing a team of highly qualified international specialists.
The bank responds quickly and confidentially to the needs of its customers.In terms of private banking, it meets clients’ needs for liquidity and leverage by offering Lombard Financing backed by securities portfolios.
Special conditions for independent asset managers and their clients at this bank in Monaco
The focus on the needs of its clients has prompted this bank to create a dedicated unit that provides services specifically for professional intermediaries – mainly independent wealth managers.
This unit is designed exclusively for professional clients to avoid the risk of conflicts of interest.
The division provides many different services, including the following ones:
- personalized facilitation in all formalities required in Monaco
- assistance in opening an account and identifying clients, as prescribed by the regulations
- receipt and execution of management instructions prescribed to the professional managers in respect of previously defined underlying assets (equities, bonds, convertible bonds, mutual funds, currencies, and derivative financial instruments)
- arrangements for direct access to the bank’s trading platform
- provision of the bank’s online application, individualized or aggregated, for access to data related to the managed accounts (account statements, transaction slips, statements of assets)
- access to the bank’s wide range of mutual funds and structured products
- access to the bank’s investment advisory service, which includes, in particular, portfolio analysis and investment proposals according to the client’s objectives
- many other opportunities.
The procedure of opening an External Asset Management account in Monaco
The procedure for opening an External Asset Management account in Monaco includes four steps:
First, make up your mind whether you would like to open an external asset management account in a bank in Monaco. If you need more information and/or our assistance, you should contact us by e-mail at firstname.lastname@example.org to discuss with us the benefits of the recommended Bank and other options, your current needs and interests, and request our service.
Together with your request, we need to get your answers to the following questions:
Second, pre-pay our set-up service fee. The payment can be performed in the way convenient to you, for example: by bank transfer, by bank card, via PayPal, WebMoney, or Western Union. The fee is 1500 EUR.
Third, we’ll help you arrange an interview with a private banker and/or representative of a licensed asset management company (the interview is conducted over the telephone or messenger: Telegram, Skype, WhatsApp, Viber, etc.).
Finally, file all required documents and the application form for opening the account. At this stage, our experts’ comprehensive assistance is particularly useful.
Please note: after payment for our services, and before you fill in the blanks for opening an account with the recommended bank in Monaco, you can choose another bank from our list, if you decide it could better suit your goals and needs:
|UBS||LGT*||ANDBANK||Morgan Stanley*||Bank of Singapore||Mirabaud|
|Credit Suisse||VP Bank||CMB*||JP Morgan||DBS||Mashreq|
|Julius Baer||BANK ALPINUM||Andorra:||Wells Fargo||J.SAFRA SARASIN||FAB|
|Vontobel*||BENDURA BANK AG||ANDBANK||Pershing/BNY||CITIBANK|
COMMERCIAL BANK SINGAPORE
|Lombard Odier*||LIECHTENSTEINISCHE LANDESBANK||CREDIT ANDORRA||Interactive Brokers||Hong Kong:|
|J. Safra Sarasin||Luxembourg:||VALL BANC||J.SAFRA SARASIN|
|Edmond de Rothschild (Geneva)||BANQUE DE LUXEMBOURG||Latvia:||Cyprus:|
|Rothschild Bank (Zurich)||EAST WEST UNITED BANK||BLUEORANGE||BANK OF CYPRUS|
|Corner Bank||Finland:||BANK M&M EUROPE|
|Audi||VARENGOLD BANK AG|
|FALCON PRIVATE BANK|
Please note: we have marked with the asterisk (*) the most attractive banks recommended by our experts (in terms of willingness to do business, personnel, prices, parameters, platform, etc.).
If you are ready to start today the procedure of opening an external asset management account in Monaco or another jurisdiction (with the recommended or another bank), please contact our experts by e-mail email@example.com.