Daily Management Review

Goldman Sachs to reopen Monaco office for wealthy clients


Goldman Sachs, the investment bank serving the world's wealthiest people, will return to Monaco after six years.

Investment bank Goldman Sachs, which serves the world's wealthiest people, will reopen an office in Monaco, writes Bloomberg with reference to the statement of Goldman Sachs Group. 

According to it, in January the group received permission to open a branch of its wealthy client unit in Monaco. This comes about six years after the company closed its last office in the principality, the agency writes with reference to registration documents.

The branch will be headed by Barclays veterans. The company also hired a former employee of the British bank as a wealth advisor. 

Monaco is a dwarf state located south of France on the shores of the Mediterranean Sea. Known for its casinos and low taxes, the principality has a population of about 39,000 and is made up of one-third millionaires, Bloomberg writes. The country annually hosts one of the largest yacht shows in the world (Monaco Yacht Show) and one of the stages of the championship "Formula 1" (Monaco Grand Prix).

source: bloomberg.com