Business & Finance
Brought to you by: Monaco Life
This year’s Monaco Yacht Show not only featured the most impressive fleet of superyachts in its history worth a jaw-dropping €6 billion, it also attracted a record number of exhibitors.
Held from 25th to 28th September, the Monaco Yacht Show is considered the largest and most luxurious in the world. This year’s show reached new highs, attracting 600 exhibitors – the highest number in its 29-year history. There was also slight increase in attendance, with 31,565 visitors compared to 30,400 in 2018.
According to the show’s organisers, “Two weeks after the 29th edition of the MYS, feedback from the exhibitors is pragmatic and positive: although the market could be stronger, positive signs are to be noted, including the higher number of private visitors present at Monaco’s Port Hercule this year. They included guests of MYS, invited to visit the various superyachts up for sale or charter. The MYS private concierge service invited over 200 VIP visitors (211 to be precise, compared to 150 in 2018), linking them up with the show’s exhibitors and triggering over 50 yacht visits. The majority of these potential clients came from the United States, Russia, England, China and India. Exhibitors noted a definite trend in visitor profile: a broader range of countries, a wider age bracket, and serious intentions to buy or charter.”
Once again, the MYS unveiled exciting new superyacht projects, technologies and joint ventures during the four days. It showcased 125 superyachts with an estimated total worth of around €4 billion. The superyacht exhibition included 44 new models and 14 megayachts over 70 metres in length – including two over 100 metres. Although the average length remained stable at 49.5 metres, the average price for a motoryacht exhibited at the show reached €37.8 million this year. All in all, the 2019 MYS boasted yachts that were bigger and more amazing than ever, as well as a tendency towards “greener” yachts and enhanced performance in terms of technology, speed and design.
600 participating companies occupied a large portion of Port Hercule in Monaco, organised into different themed areas. Yacht builders, brokers and designers set up their stands on the quaysides, close to their yachts. Tender and water toy manufacturers showcased no fewer than 55 pieces of equipment, over half of which were being presented for the very first time. Their stands were mainly situated on the port’s Quai Antoine Ier, where the yacht show’s Car Deck displayed 30 collector or custom-built cars and motorbikes. The show’s many nautical equipment manufacturers and country pavilions were set up in tents on the port’s Darse Sud and Quai Albert Ier. The Parvis Piscine tent was dedicated to luxury products and services, drawing many visitors. Its fully revamped Upper Deck Lounge, reserved for the show’s partners from the luxury industry, spanned over two floors.
On the eve of the MYS, four prizes were awarded at the 6th Monaco Yacht Show Superyacht Awards ceremony. The list of winners comprised three vessels. Attila (64m, Sanlorenzo) received the MYS/RINA Award for its design, which complies with the environmental standards established by RINA, the Italian company in charge of classifying superyachts. TIS, a brand new 111-metre yacht by German shipyard Lürssen, received the MYS Interior Design Award. Excellence (80m, Abeking & Rasmussen) won two prizes: the MYS Exterior Design Award, and the ceremony’s most prestigious award, the MYS Finest New Superyacht Award.
Immediately before the ceremony, the MYS hosted the 4th edition of the Monaco Yacht Summit, during which a variety of yachting-related subjects were discussed by some 40 participants interested in purchasing or chartering a yacht in the near future.
It’s been a month of diplomatic accreditations, with several ambassadors officially presenting their credentials in Monaco and internationally.
The crisis brought about by Covid-19 cost the Principality €900 million in profits for the first half of the year, the latest report from IMSEE has revealed.
Giulio Alaimo has presented his credentials as the new Ambassador of Italy to Prince Albert.
The latest survey by IMSEE has revealed that the business climate continued to weaken in July, though retail trade and the auto commerce and repair sectors saw slight improvements.
Julius Baer Group, Switzerland’s third-largest wealth manager, has hired several private bankers from HSBC Holdings to bolster its Latin American business, according to three reliable sources.
The bankers are based in Monaco and Switzerland, said one of the sources, asking not to be identified. More may be hired in Monaco, one of Julius Baer’s European hubs serving Latin American clients, said another person. Officials at Julius Baer and HSBC declined to comment to Bloomberg.
Julius Baer has acquired businesses and hired bankers to compete with larger wealth managers such as UBS Group and Credit Suisse Group. The firm has signed more than 200 client relationship managers from Credit Suisse and other Swiss, Asian and British private banks this year, CEO Boris Collardi said last month.
Albert Henriques also joined Julius Baer from HSBC as chief executive officer in Monaco.
HSBC is in the process of divesting a portfolio of Latin American client assets in Switzerland to Banco Santander as the British lender restructures its private bank, people familiar with the matter said last month that the deal may include $4 billion to $6 billion of assets under management, according to the people close to the deal.