Approved by the Financial Activities Control Commission five years ago, the trust company G&G continues its development. Giancarlo Giordano, chairman and managing director, is fully satisfied with his establishment in Monaco.
Giancarlo Giordano appreciates Monaco’s safe environment for people and assets. "Here you can find a selection of the best French and European financial institutions. Investors have a wide choice of investments here. Another advantage: the Principality is one of the few states in the world that is not in debt." The chairman and managing director had been working in the Monaco financial centre for 16 years when he formed G&G in partnership with a Swiss institutional body. Since 2008, when they obtained the necessary approval for their activity, the managers of this trust company are delighted to have chosen Monaco. Today, around fifteen staff defend their pragmatic, effective approach to the international financial markets. Giancarlo Giordano sees further ahead, "Indeed we have the desire to continue to grow in Monaco and possibly abroad. For now, we have developed a partnership with a Swiss trust company operating in the French-speaking and canton Ticino market. We also work with a Parisian specialist investment fund company."
Monaco, "A heavenly enclave"
G&G is authorized for discretionary management of entrusted funds, investment consulting and order transmission. "We didn’t opt for the most favourable time to establish ourselves here, but Monaco remains a heavenly enclave in a very difficult financial world," Giancarlo Giordano assures us. Asset manager Thierry Crovetto believes it is possible to further increase the number of onshore clients, or at least the level of their investment volume. He also explains that beyond having a broader client base, G&G is positioned as a potential recruiter of finance experts from abroad and from Switzerland especially. "The Monaco financial centre has never been a centre of speculation," he analyses. "It is more a centre focused on savings. The wealth of capital invested here makes finance a key sector of the economy, which accounts for about a quarter of our gross domestic product. We are increasing this share now: from a deposit centre, the Principality is becoming an asset management centre, in Monaco and elsewhere." Players are becoming increasingly professionalized and G&G is part of this general movement: it provides technical consulting for French law funds. Giancarlo Giordano concludes, "There are major challenges ahead. I believe we will move increasingly towards bespoke finance."
