Mathieu Ferragut has been appointed as chief executive officer of CFM Indosuez Wealth, a subsidiary of Indosuez Wealth Management Group based in Monaco.
Ferragut joins from Indosuez Wealth’s Americas subsidiary. He has held various roles at CA Indosuez Wealth (Miami) before being appointed chief executive officer of that office in 2008.
CFM Indosuez Wealth Management became the largest bank in Monaco following a deal to acquire HSBC’s presence in the Principality in 2016.
Smaller wealth managers have been actively acquiring larger private bank operations in Monaco in the past few years. Credit Suisse sold its operations in Monaco to J Safra Sarasin in 2016.
Speaking to PBI earlier this year, then CEO of Indosuez Wealth Management, Paul de Leusse, said, “We don’t need offshore centres for tax reasons, but there will still be reasons to use them. For security or geopolitical reasons, for example, as safe havens.”
Indosuez Wealth Management appointed Jacques Prost as CEO in June 2018.