The external asset manager (EAM) segment constitutes a significant part of Union Bancaire Privée’s (UBP) business, accounting for around CHF 23 billion of the Bank’s total assets under management as at the end of 2025. We spoke with Sérène El Masri, CEO of UBP Monaco.
Has the reciprocal relationship between banks and EAMs become a strategic necessity?
Monaco is a concrete example of this: there are nearly 70 EAMs here, and this segment is growing. EAMs are a strategic lever for acquiring assets, working in step with more traditional direct banking activities. This ‘capital-light’ model makes it possible to increase assets under management without proportionately increasing fixed costs. It also responds to the changing expectations of ultra-high-net-worth clients, whose overall needs are becoming increasingly complex. Banks are refining their offerings, as well as their strategic choices in terms of countries, services, and investment segments. It may be advantageous for end clients to set up a banking pool via an EAM, aligning their needs with banks’ expertise.
How does Union Bancaire Privée complement an EAM's offering?
UBP, with its AA2 rating, provides balance sheet security, multi-jurisdictional custody capabilities, and direct access to markets and financing. We provide access to complex solutions and wealth engineering, such as cross-border structuring, loans, hedging solutions, and alternative offerings. Indeed, the Bank plays a significant role in the regulatory and technological framework, including multi-booking, digital tools, enhanced KYC/AML, and cybersecurity. This allows EAMs to focus on their work, thus enabling greater efficiency.
"The Bank plays a significant role in the regulatory and technological framework, including multi-booking, digital tools, enhanced KYC/AML, and cybersecurity. This allows EAMs to focus on their work, thus enabling greater efficiency."
How do you choose an EAM partner?
Beyond performance, UBP wants EAMs to meet the highest standards of internal oversight: separation of duties, traceability of investment decisions, and compliance with the standards of the Financial Activities Control Commission here in Monaco; operational soundness is key.
Then, we give preference to those partners who target end clients that are in line with our own commercial strategy in terms of such aspects as the origin of wealth and country of residence. Last, we ensure that our partners have a sustainable business model and stable teams. We analyse their track record over several market cycles, their shareholding structure, and the controlled growth of their assets under management; in an environment where global assets under management are growing steadily, the ability to differentiate oneself over the long term is essential.
Does this reciprocal relationship improve the experience and performance for the end client?
Absolutely. They benefit from both the EAM’s advice, such as strategic allocation and tactical management, along with UBP's execution power. This two-pronged approach reduces bias and improves the quality of decisions.
In addition, they gain access to UBP's global investment universe, in particular our expertise in less accessible asset classes, such as private debt and hedge funds, which is a key differentiator. Last, the separation of roles enhances asset protection and cost transparency, while promoting long-term performance.
The opinions expressed herein are correct as at 31 March 2026 and are subject to change without notice. This information should not be relied upon by the reader as research or investment advice regarding any particular fund, strategy or security. Past performance is not a guide to current or future results. Any forecast, projection or target, where provided, is indicative only and is not guaranteed in any way.
