Dr. Marika Taishoff, Director of the Monaco MBA Program, and Mr. Bernard Rousselot, Chairman of Bank Julius Baer Wealth Management in Monaco, co-authored an article entitled “New Styles of Partnership with the International University of Monaco”. The article appeared in the most recent issue of the well-known journal, “Banking & Finance Monaco”, an edition which was dedicated to rethinking Monaco’s position as a global financial and banking center.

The article recounted the origins and aim of a new initiative between IUM and AMAF (the Association Monegasque des Affaires Financieres). A key objective of AMAF, the association which groups together Monaco’s private banks, and of Monaco’s CDE (Chamber of Economic Development) is to reposition Monaco as a modern center for business and finance. Accordingly it was decided that the first thing to do was to gain a better understanding of the strategies used by some of Monaco’s main established and emerging competitors such as Geneva, Luxembourg, Dubai and Singapore. Once best practices had been identified, those which were relevant for Monaco could be recommended. Additionally, new marketing and communication strategies would be proposed so that Monaco could more effectively differentiate itself as a financial center. In so doing, the Principality would also be able to attract a new generation of demanding, dynamic, and highly mobile entrepreneurs and executives.

Who better to work with the AMAF on this than MBA students from IUM? This year’s class, representing more than a dozen nationalities from practically every continent, was comprised of professionals from the fields of finance, IT, marketing, Internet and social media, and international branding, amongst others. They researched and identified best practices from leading financial centers around the world, determined which might be relevant for Monaco and, most importantly, developed and presented insightful, creative, ‘out-of-the-box’ and implementable strategies to AMAF. The next phase to this project is already being considered.

The AMAF project was one of several Corporate Consulting Projects which IUM initiated this year as part of a revamped MBA curriculum. The objective is to have Monaco MBA students integrally involved in actual projects within companies and organizations based in the Monaco area, or abroad. Other Corporate Projects which teams of MBA students worked on this year included those for Forte Pharma, Mecaplast, J Craft, Semco, and Puma Sportswear.