A new multi-family office has been launched in the European principality.

A new multi-family office has been launched in Monaco. 

The new organisation is called Monaco Private Advisory Multi-Family Office, aka MPA MFO. It provides personalised legal, tax, real estate and commercial advice and financial supervision, as well as operations supporting individuals and families in Monaco and beyond.

The leadership team is made up of Thierry Crovetto (head of financial family affairs), Céline Santos (head of private family affairs) and Cédric Zaidan (head of corporate family affairs). 

Crovetto, who was a member of the Monaco National Council from 2013 to 2018, has also worked for several asset management firms and investment banks in Monaco and Luxembourg, according to the MFO’s website. In total, he has worked in the financial space for more than 20 years and is a teaching professor in portfolio management and alternative investments at the International University of Monaco.

Santos is a former executive and member of law firms and consultancies in France and Monaco, and a former founding partner at another MFO. She is a member of the FNDP International Legal Committee, and a former professor of Notarial Law and Wealth Management in Lyon III and Bordeaux Universities.

Zaidan, who brings experience of working in the Middle East and North Africa regions, is a former executive and member of various consulting and engineering firms. 

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 in 2019 about how Monaco fits into its European strategy. In February last year, Trustconsult, the Luxembourg-originated international trust boutique, acquired a corporate service provider licence in Monaco.