Millennium Banque Privée
Origin of Millennium Banque Privée
Millennium Banque Privée was established 2003 in Geneva and employs currently 71 professionals with vast know-how in Private Banking and Wealth Management. The bank is wholly owned by the Millennium Group BCP (Banco Comercial Português), Portugal’s largest private banking sector institution with a leading position in various financial products, market segments, and services.
At the end of June 2018, the bank has 573 branches in Portugal and serves over 2.2 million customers.
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Philosophy and Strategy
Millennium Banque Privée’s strategy goes beyond banking which means that the bank wants to add value to their clients on asset management, corporate interests, family governance, and lifestyle.
The vision of the bank is to make banking joyful for the clients and the bank. To achieve this, the bank is building three key capabilities, engage clients digitally for improved customer experience, leveraging in the Group and build an ecosystem of partnerships.
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Services and Solutions
The principal activities of Millennium Banque Privée are the investment advice, asset management, and services in the wealth planning. Credit services are offered in the framework of asset management, mainly in the form of Lombard loans.
Asset Management
The service of Millennium Banque Privée is not just composing the portfolio with algorithms. The bank always delivers their opinion, the relationship support and their advice. The bank is adapting very quickly to market changes.
Discretionary Management
Millennium Banque Privée has a 10-year track record and is implementing the in-house views dynamically. The client is entrusting the bank with a mandate, and the investment decisions are made following a pre-set risk profile. The bank offers five different risk profiles, the decisions are proactive, the management is active, the investment strategies are optimized and diversified, a due-diligence process always supports the fund selection, the bank is specialized in macroeconomics and market analysis, and the objective is to outperform the benchmarks.
Advisory Services
The advisory service is for clients who want to participate in the investment decisions process. Millennium Banque Privée offers tailor-made services, proactive advice, a diversified portfolio, open architecture, constant monitoring of the portfolio and teamwork between the client and the bank.
Execution Services
If the client has an in-depth knowledge of the market and wants to invest entirely by himself, then Millennium Banque Privée offers access to a broad range of products and markets, has a wide range of counterparties, quick and effective execution and an open architecture platform.
External Asset Managers
Millennium Banque Privée offers to External Asset Managers and Family Offices a platform to carry out orders acts as a technical counterparty and is a real advisor. The focus is on private banking with a family approach. The executions are fast, and the decision making is easy. The bank shows healthy and transparent financial figures and has a first-class IT-platform.
Products
The products Millennium Banque Privée offers are deposits and cash management, equity and equity funds, bonds and bond funds, ETFs, convertible bonds and preferred stock, futures and options, commodities, OTC derivatives, foreign exchange, structured products and funds of hedge funds or individual managers.
Risk Management
The bank is principally not engaging in trading transactions for their own account.
The Board of Directors is carrying out a risk assessment and is responsible for the overall risk policy and risk framework.
The risk control and the risk management are the responsibilities of the Executive Management. The main risks the bank is exposed to are the:
- Credit risk – loans are generally only granted on a secure basis and are subject to the approval procedures set out in the bank’s guidelines.
- Liquidity risk – positions are continuously reviewed to cover any liquidity risk.
- Interest rate risk – the bank is funding its credit activity with its own deposits. The exposure is minimal.
- Reputation and legal risks – the compliance officer is responsible that legal and regulatory requirements are met. Great importance is attached in particular to the maintenance of know your customer standards and transaction monitoring.
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Added-Value Services
In 2017 the repayment of the state aid was the end to the limitation imposed by the European DG Comp on Millennium BCP, Millennium Banque Privée’s shareholder. The bank is launching a strategic reassessment of its services and market focus with the aim to deliver sustained growth.
Millennium BCP shows a return on equity of 11.8 % and an extreme Tier1 ratio of 69.14 %. The liquidity level is as well very comfortable.
Discretionary managed assets increased by 10 % in 2017 and represent now 26 % of the total assets under management.
The net of fees performance for the discretionary managed portfolios was between + 1.04 % for the preservation portfolios to + 7.04 % for the aggressive growth portfolios in 2017.
With the help of the new group shareholder Fosun, a Chinese international conglomerate, and investment company, the bank is expanding rapidly in the Chinese market.
Digital Services
Millennium Banque Privée offers access to all details of the portfolio and performance. The client can quickly analyze investment recommendations and portfolio reviews and can safely keep in touch with the bank and his relationship manager. The e-banking can be accessed through a private website or app.
Millennium Banque Privée – Facts & Figures
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| Address | Place du Molard 4 1204 Geneva |
|---|---|
| Phone | +41 22 318 92 92 |
| Website | www.millenniumbp.ch/ |
| Year of foundation | 2003 |
| Subsidiaries | – |
| No. of employees | 71 |
| Rating | Fitch BB- Moody’s Ba1 S&P BB- |
| Chairman | João Nuno Palma |
| Shareholder’s equity | 87.635 mm CHF |
| Assets under Management | 3.3 bn CHF |
| Assets under Management / Employees | 46.478 mm CHF |
| Net profit | 9.33 mm CHF |
| Net Profit / Employees | 130’985 CHF |
| Tier 1 Ratio | 69.14 % |
| Cost / Income Cost Ratio (CIR) | 71.06 % |
| CEO | José Salgado |
Source: Annual Report 2017
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