Matthieu Letort is Managing Director and Founding Partner of Prometheus Wealth Management, recently established in Monaco. Meet him.
Prometheus was established 18 months ago. Could you describe your business for us?
More than an asset management company, Prometheus is a global wealth management and consulting company, supervised by the CCAF in Monaco. It came into being with the association of three senior bankers (Alain Marcucci, Nicolas Manoni and myself) and H2O Asset Management, a model in Europe for alternative management and particularly for global macro multi-strategy type strategies.
Backed by such a partner, we have had important ambitions since the company’s creation. In order to achieve them we decided to set up in the Carré d’Or, with significant investment in IT and technology, and having for our clients very good partnerships with the major custodian banks in Monaco, the main Luxembourg-based insurers and prestigious investment banks.
The philosophy of Prometheus Wealth Management is active management guided by conviction, which is sophisticated when necessary.
How many people were you at the beginning?
We launched Prometheus with eight people, three senior managers, three investment and management specialists, and a compliance and internal audit specialist. We wanted to differentiate ourselves by market analysis, portfolio building, risk analysis and high quality reporting and audit.
We now number ten, in order to support our development with a permanent quest for quality.
How do you work with H2O?
H2O has a 50% shareholding, gives us its recognised expertise in interpreting the markets and offers potential synergies in our development. However, operationally and on a daily basis, we are totally independent and our work includes identifying for our clients the world’s best managers in all asset classes.
We currently recommend over twenty different management companies to our clients.
Today’s clients are savvier and seek independent, objective support and investment, and financing solutions tailored to their needs and the market environment.
Prometheus WM has the size and flexibility of a speciality store, allowing us to make quick decisions and keep our clients informed effectively, while benefitting from the process quality of a large management group.
What are your client profiles?
Our clients (they number over 150) are wealthy families, entrepreneurs, professionals operating in the financial or property markets, companies or family holding companies, public trusts and family offices. Over 80% are Monaco residents and European residents.
After 18 months in operation, we are delighted to have topped the billion euro in assets mark, which positions us among the top independent players in Monaco.
What is your differential advantage?
Our DNA is a very advanced expertise in financial market analysis and the agility with which we can implement our investment decisions.
Our offering differs from traditional asset management and is based on over eight management profiles, being able to invest in all asset classes and cover the following if necessary: options, structured products, alternative funds, currency strategies. All this within a portfolio of securities as well as within a Luxembourg life assurance policy.
In addition, we can give clients the choice between a fixed commission system and a performance based model that aligns our interests with theirs. Part of our compensation is variable and received only if our client’s savings achieve the performance specified together according to their risk profile.
For our management department it is indeed essential to focus on regular results and the ability to limit risk in market downturn periods and garner performance when the markets are strong.
We have the same independence and freedom to support our clients for their property purchases or issues or their yacht/jet financing. Access to all our counterparties’ offerings enables us to get our clients exceptional financing conditions with our banking partners, who in return benefit from an increase in their AuM.
We are particularly proud of having contributed to the growth of the Principality’s assets with the transfer of over 500 million euro to Monegasque banks from abroad.
