Antony Stent-Torriani, Deputy Administrator for Monaco Asset Management, is Vice-President of the AMAF and in charge of the Association’s Commission des Activités de Gestion (Asset Management Activities Commission).
You represent asset management companies within the AMAF
That’s right. The Commission represents all asset management companies in Monaco and distributes a wide range of information, including changes to laws and standards. Sharing information in this way is one of our missions and one of our main strengths. A lawyer analyses legislation with us, offering a great service to Asset Management Companies, whatever their size.
What makes our task difficult is the diversity of our membership: brokers, advisers, issuers of structured products... We must offer services to all of them, even though the term “management company” encompasses a great variety of activities. The Commission meets three times a year, but we work on a variety of topics on an ongoing basis. We offer general advice about setting up services in Monaco, but we also advise on individual issues, which we do our utmost to resolve.
Around sixty members, that’s quite a lot...
Yes, but Monaco is liberal. This philosophy is one of our strengths. We don’t impose any protectionist constraints, and any company approved by the CCAF (Commission de Contrôle des Activités Financières - Commission for Controlling Financial Activities) is welcome. The market is extremely competitive, but companies with new skills and a strong business model always help to raise the bar in the financial sector. However, entities offering financial services which have not been approved by the CCAF are more of a cause for concern. In Monaco, clients should receive the highest standard of advice. We have been working on this for many years, and our expertise is now universally acknowledged.
We work hard so that all asset management companies are able to meet, and twice year, we organise conferences to present asset management issues specific to Monaco. It is an opportunity for our members to interact with a diverse audience: banks, experts, and even students who could be future co-workers.
From the distribution of Capital Gains from Mutual Funds to the responsibility of directors from the perspective of the CCAF, you work on a wide variety of topics
We need to, because our Commission wants to help Asset Management Companies to grow. Leading the Commission is a significant commitment for the members and me. We spend between 50 and 100 hours a year on a range of issues, and we do it voluntarily, to support the sector. We take our lead from our President, who is very involved, and maintains strong relationships with public authorities and the National Council. An important issue today is examining the MIFID II European directive and how to implement it in Monaco. Ours is a very particular market of qualified investors, which does not completely reflect the European market. We are working on this issue on the government’s recommendation. Our close relationship with institutions is of great use to the sector.
