In 2024, we formed a new alliance with a renowned asset manager, with the acquisition of DPAM, offering in-depth expertise in areas such as generative AI. Helped by rising markets and an easing of bond yields, our clients' portfolios enjoyed sustained increases in value, illustrating the fine performance of our discretionary management mandates. The start of interest-rate cuts in Europe and the United States has created attractive credit conditions for property purchases in Monaco, notably for the MARETERRA project, and on the Côte d'Azur. A €220 million property development project was carried out in a joint venture with CACIB and the Caisse Régionale du Crédit Agricole Provence Côte d'Azur. Faced with falling interest rates, we offered our clients investment opportunities via dated bond funds and Buy & Hold bond mandates. Our support solutions were extended in 2024 with the creation of a merchant bank within CFM Indosuez, designed to handle equity transactions and to collaborate via the Crédit Agricole Leasing & Factoring Group subsidiary for ship and aircraft financing. Sustainable finance remained at the heart of our concerns, with issues of Green Notes and the launch of the first structured product indexed to a DPAM fund, the Newgems fund invested in technology stocks, illustrating a successful synergy with Degroof PETERCAM. In 2024, we have combined responsiveness, excellence and expertise. Our commitment to sustainability has been strengthened, and we will continue to offer high-impact investment solutions to support the Principality's energy transition, while maintaining a first-class performance. The year 2024 was marked by significant economic events, highlighting CFM Indosuez's ability to adapt and offer optimal solutions to its customers. Disinflation on both sides of the Atlantic has enabled seven of the ten main central banks to start cutting rates. The ECB initiated the move in June, followed by the FED three months later. In anticipation of these falls, we offered our customers the chance to “lock in” historically high interest rates through bonds and structured products with capital protection. The US economy continued to grow at a brisk pace, reinforcing the theme of American exceptionalism. US companies reported higher earnings growth, supporting the stock market, particularly AI-related technology stocks. Europe, on the other hand, has experienced a moderate recovery, but we are continuing to invest discerningly in the European leaders. Despite fears of de-dollarisation, we considered these concerns to be exaggerated and took advantage of the volatility on the currency markets, particularly the EURUSD, to the benefit of our customers. Donald Trump's arrival in power has introduced new uncertainty, but we have reacted by adjusting our asset allocations and sector choices, while focusing on themes such as AI and electrification. Wealth Management Sophie Couve de Murville Global Head of Advisory Stéphane Herpe Managing Director - Monaco Markets Annual Report 2024 31
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