Geneva-based private bank Mirabaud is opening an office in Monaco to target international wealthy clients, according to a statement from the...

Geneva-based private bank Mirabaud is opening an office in Monaco to target international wealthy clients, according to a statement from the bank. The bank said it will be the only Swiss private bank to operate under its own name in Monaco. The new bank will be headed by Yves Mirabaud and employ eight staff, including four senior relationship managers. “We are looking to become a prominent player in Monaco, notably by promoting the alternative investment management practised by the Mirabaud Group over the last 30 years,” Yves Mirabaud, told WealthBriefing. “We have ambitious objectives and have invested heavily in the new set up. Profitability in the short term isn’t the principal goal. What will be important is providing to quality services to our clients, which will ensure profitability.” He added: “We expect to have at least a quarter of a billion euros under management within the next few years.” The new office was to be officially opened in April 2005 in the presence of His Serene Highness Prince Albert II of Monaco. However, following the recent bereavement in the Principality, the decision was taken to postpone the opening until September. Mirabaud said it has SFr15 billion ($11.7 billion) of assets under management. With the opening of the Monaco office, the private bank now has nine offices around the world, including Geneva, Zurich, Basel, Paris, London, Montreal, Nassau, and Hong Kong.