File this under things that make sense.
New York-based multinational investment firm Goldman Sachs is setting up shop again in Monaco, expanding operations for HNWI's as part of its “regionalization strategy”.
Many of the world's super-wealthy own a home in Monaco, where almost a third of its 39,000 residents are millionaires.
The lush Mediterranean playground, which covers an area smaller than New York’s Central Park, doesn’t typically impose taxes on income or capital gains and is the scene for the famous Monaco Grand Prix and one of the biggest luxury yachts shows around.
The lush Mediterranean playground, which covers an area smaller than New York’s Central Park, doesn’t typically impose taxes on income or capital gains and is the scene for the famous Monaco Grand Prix and one of the biggest luxury yachts shows around.
The American financial services company reportedly received approval last month and will re-establish a private wealth unit branch here, six years after it closed a former location.
Two Barclay’s veterans, Arnaud Caussin and Thibaut Lambert will be in charge of the new office, and wealth advisor Serge Olive will also be joining them from the British bank.
The company’s private-wealth unit has added numerous key advisers across Europe, the Middle East, and Africa in recent years as part of a strategy outlined by Chief Executive Officer David Solomon to make one of the world’s largest banks less reliant on trading.
The company’s private-wealth unit has added numerous key advisers across Europe, the Middle East, and Africa in recent years as part of a strategy outlined by Chief Executive Officer David Solomon to make one of the world’s largest banks less reliant on trading.
“The opening of our presence in Monaco is critical to delivering on our regionalization strategy and overall growth plan,” Chris French, co-head of private-wealth management for EMEA, said in the statement. “Monaco represents a significant jurisdiction for our Private Wealth business in Europe.”
The return of Goldman Sachs to Monaco puts them in good company, joining other global institutions such as UBS Group and Citigroup.
The return of Goldman Sachs to Monaco puts them in good company, joining other global institutions such as UBS Group and Citigroup.
In February 2020, Swiss private bank Pictet opened a banking branch in Monaco in response to rising demand from the region’s private clients.
Goldman joins global banks including Citigroup Inc. and UBS Group AG in having a presence in Monaco. Revenue at Goldman’s wealth-management and consumer unit rose 25% to $7.5 billion in 2021 from a year earlier. It had about $751 billion of assets under supervision at year-end.
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