Assets managed by financial institutions in Monaco have plummeted by 3.6% year-on-year as of end March 2018, Monaco Statistics has reported.
The Monegasque institute of statistics and economic studies has found out financial institutions in Monaco were managing some €111.1bn in assets at the end of Q1 2018 against €115.9bn at the end of Q1 2017. Deposits were down 3.3% to €41.1bn from €42.5bn.
Monaco Statistics underlined banks based in the Principality of Monaco have faced a €2.1bn drop in assets quarter-on-quarter (-1.8%), mainly because of the market environment.
Regarding Monaco-based asset managers, 59 firms were managing €4.48bn spread across 57 funds as of end March 2018.
AUM have increased by 0.6% year-on-year from €4.45bn, however the number of asset managers is also up from 55 companies at the end of Q1 2017.
Lastly Monaco Statistics reported that financial and insurance activities combined in Monaco have had a significant drop in revenue between March 2017 and March 2018 (-21% year-on year; i.e. €399m as of end March 2017 against €505.2m as of end March 2018)