Investment services and products

CMB provides access to the global financial markets from Monaco. Its order execution capacity covers all the main markets. Assets handled through the trading desk include equities, bonds, convertible bonds, mutual funds, structured products, currencies and derivative financial instruments.

Clients that administer their own accounts can place their orders with their relationship manager, who will pass them on to the Bank’s trading desk. For clients who trade on the markets frequently and in significant volumes, CMB offers direct access to the trading desk through the ‘Execution Desk’ service.

Depending on the client’s needs, the Bank offers different investment services such as investment advice, discretionary portfolio management and mutual or investment funds. Funds have the advantage of offering access to highly diversified markets, with for each market covered professional management and guaranteed liquidity in accordance with the terms and conditions defined in the funds’ respective prospectuses.

The Investment Consultancy Unit is an independent entity whose role is to provide additional technical support and facilitate access to market information in order to answer clients’ various questions.

Clients may, for example, ask their relationship managers for an analysis of their portfolios with requests aimed at adjusting investments to certain risk and return guidelines. Similarly, some clients that are active in the financial markets may ask their relationship managers for investment proposals to cover specific investment themes. The Investment Consultancy Unit is also involved in the case of solutions involving structured products and in cases of portfolio optimisation with a view to providing a guarantee to cover commitments.

This unit has a multitude of functions, which depend largely on the technical demands made by clients.

Portfolio Management mandates are managed by the Portfolio Management Unit, CMB’s specialised department for discretionary management mandates for individual and institutional clients.

Discretionary mandates are managed, based on a strategy defined by the Bank at central level. The clients choose their risk profiles and inform the Bank of any specific requirements, which will be taken into account in implementing the strategy. The portfolios are actively managed.

The organisation of the Management Unit’s work favours, in order of importance:

  • Compliance with methods
  • Team work
  • Professionalism of employees

The discretionary management investment process complies with a strict management method for each asset class with the following objectives:

  • for bonds: protecting capital over time
  • for equities: selecting discounted stocks using a value approach

Each month, after reviewing the various macroeconomic themes, the Financial Committee defines an investment strategy for each asset class. This strategy is the basis for the tactical allocation within each managed portfolio.

CMB’s mutual funds and investment funds are managed by a team of experienced fund managers in a specialised subsidiary, Compagnie Monégasque de Gestion (CMG).

Through this subsidiary, CMB is the market leader in Monegasque mutual funds, which make up the bulk of the funds managed by CMG.

The funds are designed to serve as investment vehicles for constructing and managing the allocation of the client’s wealth, always based on his financial objectives and accepted level of risk.

The diagram below gives an overview of CMB’s fund offer, with funds ranked according to expected returns and recommended investment horizons, bearing in mind that these two factors must be analysed in the light of the market conditions prevailing at the time of the investment decision, in order to be assessed more fully.

Dedicated funds established under Monegasque and Luxembourg law have certain characteristics arising from the applicable law in Monaco which make them particularly attractive to wealthy clients who wish to optimise the organisation of their asset management.

Through its subsidiary CMG, the market leader in Monegasque fund management, CMB stands out for its capacity to offer its clients personalised solutions in the area of dedicated funds.

These funds are set up in accordance with the client’s requirements based on a pre-determined capital.

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