1. Newsroom
  2. "Monaco is a growing financial centre"
Menu
UBP in the press 01.03.2018

"Monaco is a growing financial centre"

Monaco For Finance (27.02.2018) - Monaco For Finance interviewed Michel Longhini during his visit to Monaco to meet Thierry Garde, the new head of UBP’s local branch.


What are the strengths that make UBP stand out?

We are a “pure player” in international private banking. UBP is a family-owned, unlisted, private bank that has a solid balance sheet (32 billion Swiss francs as at 31 December 2017) and a high liquidity ratio. We are also one of the best-capitalised Swiss banks in the world, which gives our clients a real sense of security. Our client base is very international: some of them have opted to be based in Monaco, while others live in Switzerland, Asia, Luxembourg, London, the Middle East and Northern Europe.

What is your development strategy?

Our development is based on four key values: Dedication, Conviction, Agility and Responsibility. We have been able to seize external growth opportunities, for example by acquiring the international private banking businesses of Lloyds in 2013, and that of Coutts in 2015. But organic growth is also very important. We focus exclusively on wealth management for private and institutional clients, and we have high-level skills in all areas of that business. We are able to offer clients customised, conviction-based solutions that are tailored to each client’s needs and we are particularly renowned for our asset-allocation expertise.

What is the thinking behind your presence in Monaco?

Monaco is a growing financial centre – an attractive option for wealthy clients wishing to relocate. We have a strong presence in Monaco, with around 50 members of staff and 4 billion Swiss francs in assets under management.

We have ensured that our business complies optimally with requirements relating to transparency and the automatic exchange of information. The rules are the same for everybody, meaning major changes, both in the way we manage clients, who need to be kept fully informed, and as regards our people, who need to be trained accordingly. There are more constraints than before, but at UBP we understand them and we have integrated them into our business model. Our priority is to respond to our clients’ expectations and to meet their demands, which means having an in-depth knowledge of their needs. We work with our clients to ensure that regulatory and tax constraints are fully taken into consideration.

All of our Monaco assets are managed by our teams in the Principality. Although we set our investment policy at Group level, the specialists working at our Monaco branch are entirely involved in the process. Choosing from our very broad range of products and services, they have both the ability and the freedom to select the most appropriate and sophisticated solutions for our Monaco-based clients. Three quarters of our local clients are resident in Monaco, but they originate from around the world, including from Russia, the Middle East, Western Europe, Northern Europe and Asia. They like Monaco because of its stability, which is a major attraction for international clients. They are looking to take advantage of investment opportunities, relocate assets and buy real estate. We want to grow our existing client base and develop our business in Monaco.

Do you work with external wealth managers?

Indeed, and we have a desk dedicated to dealing with external wealth managers. They manage around 15% of the total assets of our Private Banking business (13 billion Swiss francs), making them a significant – and fast-growing – sector for the Bank. We also provide family office advice through Family Office Services Switzerland (FOSS) to families that are looking for support in this area.

In conclusion

UBP is a Swiss private bank with a strong international culture that comes from a range of acquisitions, such as those of ABN AMRO, Lloyds and Coutts. This diversity of profiles, nationalities and cultures might be seen as a challenge, but that is far from the truth: they are an integral part of the Bank’s success. The key to a successful acquisition is the ability to integrate, and this is one of the things at which we excel, as shown by our staff and client’s fidelity.

UBP Private Clients

MichelLonghini.jpg

Michel Longhini
CEO Private Banking

Most read

UBP in the press 18.10.2018

Tech sector driven by innovation

Sphere (10.2018) - Since the 2008-09 global financial crisis, the global technology sector has delivered an impressive annual return of 15.4%, easily outpacing global equities as a whole (10.2%).

UBP in the press 26.09.2018

Asset TV Fund Selector: Fixed Income

What does the end of quantitative easing mean for bond investors? What should be the right exposure to emerging bond markets and why are active managers better equipped than passive ones to handle the return of volatility? Mohammed Kazmi, Portfolio Manager & Macro-Strategist Global and Absolute Return Fixed Income at UBP, recently participated in an Asset TV broadcast outlining the risk and reward trade-offs in fixed-income markets over the next six to twelve months.

UBP in the press 28.09.2018

AI will benefit Swiss banks

Bilan (25.09.2018) - “If I had to bet on which would be the leading professions in the years to come, Swiss bankers would be on the list!” This prediction by Laurent Alexandre, the founder of the Doctissimo.fr website, may come as a surprise to some.


Further reading

UBP in the press 29.01.2019

Actively managed short positions: a hedging strategy

L'Agefi Indices (28.01.2019) - Current market conditions could prompt investors to adopt methods to protect their equity portfolios.

UBP in the press 28.01.2019

Precious metals outlook: strong case for palladium

Finanz und Wirtschaft (26.01.2019) - Gold prices have been supported by safe-haven demand. The as yet unresolved tariff dispute between the US and China and its negative impact on global growth is one factor giving investors the jitters. The elevated equity market volatility is another. And the Brexit confusion, the US government’s partial shutdown and the protracted social unrest in France are adding to the uncertainty.

UBP in the press 25.01.2019

New license in Taïwan

Union Bancaire Privée (UBP) has established a new asset management unit in Taiwan, UBP Asset Management Taiwan Ltd (UBP Taiwan), having secured a Securities Investment Consulting Enterprises (SICE) business License, with the ability to serve as a Master Agent, from the Financial Supervisory Commission R.O.C (Taiwan) at the end of 2018.