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Month: February 2020

Planning for family succession

by: Mark Estcourt
05/02/2020

Mark Estcourt talks about the importance of families and their professional advisors to remain focused on planning for succession. 
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Although nearly 70% of the family office community will soon undergo a generational transition, only 54% currently have a succession plan in place, according to the research from the Global Family Office Report 2019 by Campden Wealth with UBS.
Given the potential risks associated with not planning for the future, families and those who support them would benefit from getting the ball rolling now.
The high rate of failure in wealth transfers reflects the difficulty of succession. Successful leadership transitions are continuous in nature and updated routinely.
Many multi-generational legacy families say that they prepare for generational transitions decades in advance.
The most forward-thinking families have plans for both long-term (planned) succession and contingent (short-term) succession.
They also address all of the relevant issues: economic, fiscal and human, and involve key advisers, influencers, family members and colleagues.
Some tips for a successful transition are:

  • Review the overall legacy plan and specific succession needs
  • Define the future leadership model and identify critical succession issues
  • Identify the skills and attributes needed for future leadership
  • Define and implement a fair and effective selection process for leaders
  • Educate future leaders in advance of their service
  • Develop a system for leadership performance reviews
  • Prepare for and execute a clean transfer of leadership
  • Post-succession, support the new leader and begin preparing for the next succession

This is an issue we have been advising our clients to prioritise for some time, and it is not easy to get right. Succession often spans a series of complex issues involving business, investments and family relationships. Written plans are important, but they should be considered as part of a broader process of preparing future leaders to take control. The key is to start early.
 
 
Mark Estcourt is the CEO and Founder of Cavendish Family Office 
 
 
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Monte-Carlo Casino receives two awards

by: Cassandra Tanti
05/02/2020

The Monte-Carlo Casino has retained its position as the world’s leading gaming venue, taking out ‘Casino of the Year 2020’ and ‘Best Gaming Operator UK & Europe 2020’ by ICE London.
After winning the title of ‘Casino of the Year 2019’, the Monte Carlo Casino has kept its crown this year, going one better by also attaining the ‘Gaming Operator UK & Europe 2020’ prize by the International Gaming Awards.
The awards were announced on 3rd February during the ICE London exhibition. Overall, 10 casinos who were in the running to win the title, which recognises a gaming operator that has made a significant difference in the industry through its vision, strategy and capacity for innovation. The winner was decided by a jury of 50 of the most respected members in the sector.

Pascal Camia – General Director of Gaming at SBM

“We are very pleased with this double recognition by our peers, which rewards our teamwork within the casinos of Monaco,” said Pascal Camia, General Director of Gaming for Société des Bains de Mer. “The new momentum launched in 2016 by President Jean-Luc Biamonti is promising in terms of image for the Monte-Carlo Société des Bains de Mer Group and contributes to making Monaco’s casinos the most exclusive gaming destination in Europe. Our employees can be proud.”
Monaco’s casinos have also been given ‘Responsible Gaming’ certification, issued within the framework of ICE London, by the European Casino Association. The certification has 75 criteria and guarantees a casino is committed to responsible gaming practices.
 
Top photo: Monte-Carlo Casino, courtesy SBM
 

AS Monaco back on track

by: Cassandra Tanti
05/02/2020

AS Monaco is finding their way again, securing a brilliant victory over Angers Tuesday night at home at Stade Louis II.

At the start of the match, there was only one point separating 13th place AS Monaco from 12th place Angers as the last time the two teams met they ended in a draw. Clearly, a game between two such evenly matched teams was going to be close, but AS Monaco, with the energy of the home team advantage, came out strong.

The first quarter of play saw a lot of back and forth, including two free kicks, one by each side in the first two minutes of play. About 11 minutes in the first attempt on goal was made by Anger’s Rachid Alioui, assisted by Sada Thioub, but was knocked back. Only a minute later, AS Monaco made their first attempt with a left footer by Stevan Jovetic, which was also batted away.  

Just after the quarter hour mark, Youssouf Fofana, who is certainly proving his worth, right footed a shot from outside the box, but it was saved in the bottom left in the end.

Fast forward a minute and Fofana, who wasn’t going to let up, made a long pass to Stevan Jovetic, who offered up a surprise header that went between the posts, giving the Red and Whites the opening goal of the game.

It wasn’t until the 45 minute mark that there was another attempt on goal, this time by Angers’ Capelle, though Lecomte was on the case, making the save with ease.

In the second half, after a big foul on Fofana, Coach Moreno took Cesc Fabregas out, replacing him with Monaco’s new midfielder Aurélien Tchouaméni for his debut with the club. Angers’ didn’t let up and had a couple more good shots on goal, notably by Capelle and Santamaria, whose shot passed a few centimetres from the right post.

In the 84th, the pressure was starting to show, and Pavlovic committed a massive foul on Ben Yedder, barely escaping being tossed off the field. The game ended quietly enough with a solid and decisive 1-0 win for Monaco, taking them from 13th to 9th in the blink of an eye.

Let’s see if the momentum continues when Monaco goes on the road to face Amiens at the Stade Licorne on Saturday.

 
 

Monaco’s housing of tomorrow

by: Stephanie Horsman
04/02/2020

Radically different in scope and design, the two proposed housing schemes announced last week by the Minister of State are moving full steam ahead.  

Regally titled Grand Ida and Palais Honoria, the latest projects under the National Housing Plan for Monegasques were formally announced last week, and demolition is already under way of the old to make way for the new.

Design photos of the new sites have been made available that show the scope and beauty of both developments, which together are set to deliver hundreds of new government funded apartments to Monegasque residents. 

The Grand Ida, when completed, will create 140 apartments for state-subsidised housing, as well as an additional 20 private homes. It will also include upgrades that benefit everyone such as 288 new public parking spaces, a creche, group life units, offices and shops.

Grand Ida Architectes ARCH, Fred GENIN © JB Pastor & Fils

Palais Honoria will add an additional 65 units spread dramatically over 15 floors, as well as 173 parking spaces, some of which will be public, a creche for up to 35 children, and undisclosed as yet “professional premises” that aim to raise the bar and improve the living conditions of the residents, as well as the district in general.

Palais Honoria Architectes groupement composé de Jean-Pierre LOTT : Emmanuel DEVERINI © JB Pastor & Fils

The designs of the two buildings are vast, modern and sleek, though in very different ways. The Grand Ida, designed by architect Fred Genin of Arch Monaco, will be a series of separate but interconnected buildings that will make the best use of space, always a consideration in Monaco, to create green spaces and attractive facades. The feel is homey and inclusive without looking the least bit crowded. Grand Ida, whose name may be changed before completion, is looking to be move-in ready by the start of 2023. 

Grand Ida Architectes ARCH, Fred GENIN © JB Pastor & Fils

Palais Honoria is all white waves, thoroughly modern yet somehow retro, reminiscent of Space Age concepts of the future. Architects Jean-Pierre Lott and Emmanuel Deverini’s distinctive work has been seen cropping up around the Principality over the past several years, and this complex will be a crowning jewel.

Palais Honoria Architectes groupement composé de Jean-Pierre LOTT : Emmanuel DEVERINI © JB Pastor & Fils

The main building, propped up in front with two massive pillars opening into a grand foyer, leads into a building designed to make the most of natural light. The public spaces are airy, making use of architectural features as design points. Palais Honoria is due to be finished by the end of 2022.

Palais Honoria Architectes groupement composé de Jean-Pierre LOTT : Emmanuel DEVERINI © JB Pastor & Fils

Both projects are being built with strict construction standards set out by the Mediterranean Sustainable Building in Monaco approach. The total cost of the combined projects is estimated to be in the €220 million range, including relocation costs, road works and network installations. 

 
 

Continuing the work of the Princess' foundation

by: Cassandra Tanti
04/02/2020

Almost 730,000 people, mainly children, from 34 countries have benefited from the swimming programmes organised by the Princess Charlene of Monaco Foundation since its creation.
Launched on 14th December 2012, the primary objective of The Princess Charlene of Monaco Foundation is to save lives by putting an end to drowning. Its missions are to raise public awareness about the dangers of water, teach children preventive measures, and teach them to swim.
By the end of 2019, nearly three quarters of a million people across the globe have had the opportunity to take part in these water safety programmes.
In an effort to raise funds for the development of more projects worldwide, the first ever Princess Charlene of Monaco Foundation Gala Dinner will be held on 16th May at the Salle des Etoiles at the Sporting Monte-Carlo.
A host of sports celebrities and artists will attend, while an auction will offer “unique items and exceptional experiences”, according to the foundation’s website.
Tickets are available at: gala@fondationprincessecharlene.mc
 
Photo: © Frédéric Nebinger / Prince’s Palace
 
 

Electric car brand Venturi celebrates 20th year

by: Stephanie Horsman
04/02/2020

Twenty years ago, when Gildo Pastor first acquired the French firm Venturi and made the decision to switch to building electric cars, no one thought he’d succeed. Boy, were they wrong.

In 2000, the fledgling electric car movement was not taken very seriously by the big car makers. They believed it was a passing fancy, some fleeting whim that would fizzle out in time.

Monegasque entrepreneur Gildo Pastor, a lifelong car enthusiast, had other thoughts. A full decade before the rest of the automotive world, he began using the available technology to build a series of electric vehicles, each more innovative than the last.

Since 2004, he has rolled out 10 exceptionally-performing lines, among them the Venturi Buckeye Bullet, the fastest and most powerful electric vehicle in the world, which still holds undefeated speed records, the last being a staggering 549km/h in 2016.

Venturi VBB-3 in Los Angeles (2007) Credit: B. Hathaway

He also collaborated with French car maker Citroën on their Berlingo line, and created the first team entered into Formula E competition, ROKiT Racing. ROKiT is poised for a great 2020 season with drivers Eduardo Mortara and Felipe Massa, using the latest in technology from Mercedes.

The celebrate the company’s 20th anniversary, the year will be marked with three standout events. The first is a world speed record attempt by the company’s Voxan electric motorbike, and the second is the delivery of an electric car to scientists doing research at the South Pole, aptly named the Antarctica, which can withstand temperatures of -50ºC. Finally, the company will be moving into its new headquarters, on the ground floor of the Gildo Pastor Centre in Fontvieille, giving the company expanded workspaces and offices. 

“20 years on, it is looking ahead that interests me,” said Gildo Pastor. “I am thirsty to learn, to discover and to undertake as if I just started my journey. This 20th anniversary allows me to look briefly in the rear view mirror. At our level, we have contributed to accelerating the development of the electric vehicle sector by offering our expertise to a few big names. With them, my approach has always been one of reaching out and collaborating in the service of innovation. From the history of Venturi, I also remember the victories, the moments of joy and the immense pride. I already love them so much, the next 20 years.”

 

Top photo: Gildo Pastor and Sacha Lakic (2008)