The Swiss manager is expanding services to external asset managers in the principality. It is an an example of a number of stories we've covered in Monaco recently.

Pictet Asset Services, the asset servicing arm of the Pictet Group, is opening a booking centre for external asset managers in Monaco. The team will join Pictet’s banking branch, based in Monaco since February 2020, adding a local presence of dedicated client relationship managers.

The Monaco centre joins ones in Geneva, Zurich, Luxembourg, London, Paris and Madrid which the Geneva-based firm has available to external asset managers - it is “in line” with commitments to serve the European market, it said.

“This expansion represents an opportunity to develop long-term relationships with investment fund managers based in the principality seeking high quality services,” CEO of Pictet Asset Services, Marc Briol, said.

The independent manager-owned firm estimates Monaco’s domestic market to be worth around €110 billion (£95 billion) in bankable assets. The city-state is home to some of the world’s wealthiest citizens, attracted to the luxury lifestyle, low business rates and no income tax. Most European wealth managers have a presence there.

“We are delighted to welcome Pictet Asset Services and join forces with them to further develop Pictet’s presence in the principality,” head of Pictet Wealth Management in Monaco, Alain Ucari, said.

In March, the state set up a new joint working group with members of the Monaco Association for Financial Activities to launch a new sustainable finance initiative as interest in ESG gathers pace.

This news service reported on Pictet's group financial results for 2020 here.

While some other wealth management hubs face challenges, Monaco appears to be on an upward curve. Late in 2019, this news service interviewed CMB, the local private banking group, about its strategy and the jurisdiction. Barclays Private Bank spoke to this news service last year about how Monaco fits into its European strategy.