THE MONEGASQUE FINANCIAL MARKETPLACE
The Monegasque financial landscape is made up of credit institutions and financial services companies. The presence of large foreign bank and finance industry groups with a wide range of nationalities make Monaco a resolutely international market.
Historically speaking, the Monegasque market has specialised in wealth management for affluent resident and non-resident clients. The dual aim of the 2007 overhaul of its legislative and regulatory framework was to boost the development of financial services and protect investors. It is now possible, subject to the accreditation of the Commission de Contrôle des Activités Financières, to provide a wide range of financial services in Monaco today: portfolio management on behalf of third parties naturally, Monegasque or foreign fund management, management advice and order reception/transmission.
Snapshot of the financial market at the end of December 2014
- 35 banks, 32 of which accrediteded by the CCAF ;
- 58 financial services companies ;
- 2,453 banking and financial sector employees ;
- €103 billion deposited in Monegasque banks (deposits and securities) ;
- €13.8 billion assets under discretionary portfolio management ;
- €11.6 billion assets under advisory management ;
- €4.6 billion assets managed by 64 Monaco funds ;
- €12.2 billion assets managed / management advice by foreign funds.
