Boutique wealth manager benefits from Monaco growth
A Monaco and London-based wealth manager, formerly owned by defunct investment bank Lehman Brothers, says it is benefitting from the high number of wealthy Monaco-based individuals seeking sophisticated wealth management options.
Pier-Alberto Furno, who runs and owns Nemesis SAM, said the asset management business has taken in €70m of new money since the beginning of the year, adding to the $300m of assets under management at the end of last year.
Furno reckons the tougher tax environment in the UK, with the crackdown on resident, non-domicile loopholes last year, and the higher tax rates for the wealthy, may help his business in future. He said it had always been the plan to have a structure based between Monaco and London.
High end agent Knight Frank estimated in a report yesterday that around 230 of the UK's non domiciled and wealthy individuals have moved to Monaco since October 2007, due to recent tax changes and the non-dom levy.
Nemesis is the holding company of Furno’s asset management companies in Monaco and London. The London-based company is called Ambix Capital and emerged from a buy-out of Furno and Del Castaño Capital Partners, a joint venture with collapsed investment bank Lehman Brothers.
Furno said: "There was a niche for providing Monaco-based clients with the expertise and product range of a London-based manager."
He added many clients have come to him from larger wealth managers because they were concerned about the level of personal service and trust at the bigger brands.
Founded in March 2008, Nemesis employs 12 staff in London and Monaco.
The firm currently offers four value-based long-only equity funds, UCITS III funds and tailored managed accounts. Year to date, Nemesis’ two top performing funds, Global Value Fund and US Value Fund, were up 32% and 29% respectively.
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