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Monégasque law (with approximately 60% of What strategies do you recommend for 2021? Are they profitable?
these funds). CMG manages assets of €2.3 billion The major emerging trends call for caution in We must not bury our heads in the sand. The
in mutual funds. CMG manages funds open to debt and fixed income products. Interest rates primary goal of any investment is to make money.
the public and reserved funds subscribed to by are still very low and negative. To seek a positive We don’t invest in ESGs so we can go to heaven!
institutional or high-net-worth individuals, for remuneration on these products, it is necessary Today, we have specific sustainable development
essentially financial reasons. Monaco funds are to take a risk on signature or duration. Another products that are 100% green and offer very good
particularly suitable when carving up a property trend is for equity investments and here we results in terms of profitability. Monaco Eco+ is CONSCIENTE DE L’IMPACT DE LA CRISE
portfolio or for the transmission of assets. continue to identify potential reserves. In the a fund that we created in partnership with the SANITAIRE SUR LA SOCIÉTÉ ET SUR LE
background, we have volatility. It is a class of government 15 years ago. It is currently worth MARCHÉ DU TRAVAIL, L’IUM PROPOSE
Why give them priority over European funds? assets that can and should be harnessed to €80 million and focuses on equity investments UN MSC EN FINANCE OFFRANT
This financial activity is regulated by Monégasque manage one’s savings. with a medium- to long-term investment horizon,
texts. Some institutions prefer Monaco funds whilst ensuring daily liquidity for the investor. UN ENSEIGNEMENT SÉLECTIF AUX
because they are certain to benefit from in- Are ESGs good performers? DÉBOUCHÉS INTERNATIONAUX POUR
depth knowledge of the regulations governing It is a natural part of the choice of investment How do you avoid greenwashing? RÉPONDRE AUX NOUVEAUX ENJEUX
these products. Having our own regulations today. Before, we were in a logic of exclusion There are now effective rating systems for ESGs
in Monaco, we have our own supervisory and chasing out “the bad guys” (tobacco, weapons (Morningstar, Bloomberg, Standard & Poors and MONDIAUX.
approval bodies. It is, therefore, much easier and and so on). Today, we are more and more in so on). They make it possible to evaluate the good Dr. Gregory MOSCATO
faster to open a Monaco fund. This can be done a logic of appropriation. In ESG funds, we and not-so-good performers. These large rating
within eight days for a Monégasque reserve fund select investments that promote sustainable companies that sell us their listings say they are Directeur du Master en Finance
and few months are needed for an open fund. development. Total, for example, produces oil, committed - is it an absolute guarantee? There is
If, tomorrow, I want to create a SICAV under but is also a major producer of renewable energy. no such thing as a 100% guarantee, as the 2008
Luxembourg law, the response time following We must not limit ourselves to looking only at crisis shows. Is this an element that provides
the filing of a licence application takes some what companies are leaving behind but what objective help in selecting stocks? Definitely.
quarters, at best! That said, we also manage a they are heading towards. We must not have After that, it is the job and the responsibility of
SICAV under Luxembourg law for clients who a dogma about individual investment choices your account manager to help you choose the
need products with a European passport. but should support change. most transparent products for you to invest in.

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