In 2000, Patrick Churchill and his associate, Justin Hilbert, both of whom are Anglo-Saxon, set up an investment consulting firm in Bermuda: global strategic consulting, expertise and brokerage of hedge funds, trading, corporate banking, private equity… a broad spectrum of activity. Their main market is then the European market, and they seriously consider whether to move their headquarters to London.
But besides the extreme density of the centre to establish themselves in there, there is another challenge – the quality of life in London does not really motivate them. Monaco then seems to be the ideal alternative. They settle in the Principality in 2002, and for 3 years seek new partners and new clients. While banks account for 50% of their customers at the beginning in 2003, they are now working more with trust companies and Churchill Capital has grown from 5 to 15 people in Monaco. Part of their high added value profile staff are recruited locally, from the International University of Monaco.
The company has now reached cruising speed and is getting down to increasing development. Its main markets are Western Europe, Asia and North America, hence the offices in London, Melbourne, Bermuda, Singapore and New York. Any trips are made easier by the international airport a few minutes’ drive away or made by helicopter.
Patrick Churchill can feel the Monaco financial centre’s desire to expand, diversify and reach a critical mass. Many experts, carrying out different professions, now wish to settle there: brokers, hedge fund managers and family offices are to be found in Monaco. In terms of regulation, the contributions of SICCFIN and CCAF are very important to demonstrate the financial centre’s professionalism, with London and New York increasingly moving towards more regulation. For potential clients, the fact that there is a defined legal framework is reassuring. They also appreciate the financial centre professionals’ ability to listen attentively and the bilingualism of its players.
Taking into account in addition the quality of life, with the country’s safeness and the very high level of education provided to children, the balance is extremely positive. Patrick Churchill is convinced of this: moving to Monaco was absolutely the right decision.
