Monaco-based private bank Compagnie Monegasque de Banque (CMB) has closed its fledgling UK wealth management operation.
CMB Wealth was launched in 2015 by ex-Coutts investment director Julian Soper and Savio Figueredo, formerly a director at Barclays Wealth & Investment Management.
Werner Peyer, chief executive of CMB, confirmed that the London office has been closed in order to bring back focus to developing the onshore local market in Monte Carlo.
‘It felt it was not competent enough to compete outside our home turf. I must also admit, we had not experienced the type of success and growth we had anticipated,’ he said.
Back in July 2016, Soper told Wealth Manager that the boutique had put on hold its expansion plans, including the decision to build a fund selection team in the UK, because of the country’s decision to leave the European Union. Soper left the company shortly afterwards.
However, Peyer has said the decision to close the London office had been made prior to the Brexit vote and was about focusing resources on the local market, which included the acquisition of Crédit Agricole subsidiary CFM Indosuez Wealth Management’s client portfolio in February.