Ali Rakib – Nothing Compares to Monaco

Global citizen Ali Rakib fell in love with the Principality of Monaco, a place so unique as no other in the world.

Born and raised in London, United Kingdom, Ali Rakib is a financial expert working on the international stage. 

In 2022, Ali and his team visited the Principality of Monaco multiple times, representing Abdulla Fareed Al Gurg, the grandson of the man considered to be one of Dubai’s founding fathers and the son of the most powerful woman in the Middle East.

Fascinated by the business friendliness and hospitality of the Monaco residents’ community, Ali decided to return to the Principality with one of the most exciting financial propositions without capital investment.

Private meeting with the Sovereign Prince

You grew up in London, one of the biggest financial capitals in the world, and then moved to Dubai to pursue a career. What attracts you to Monaco?

“I think Monaco is a very multicultural and diverse society, much like Dubai. It’s a very close-knit community.

First, because of its small size, the relationships you build are very intimate and strong. People are friendly, open, and willing to talk.

Secondly, I’ve found that doing business in Monaco is easy. People are very open and approachable.”

How do you compare business people in Dubai versus Monaco?

“Dubai is quite different, more like London or New York. People have wealth, but they are very busy and less open to conversation. It was even ranked as the most overworked city in the world.

In contrast, spending time in Monaco, I’ve noticed how genuinely open people are. Everyone I’ve met, including very wealthy individuals and even billionaires, is inclusive, down-to-earth, and humble.”

Ali and his company supported the Monaco Residents’ Meeting in 2022, where he was truly impressed by the great diversity of established people within the Monaco community.

“I remember when I met Benoit Biancheri, a Monégasque serial entrepreneur and son of the legendary AS Monaco football player. He was very kind and genuinely interested in what I was doing. The next month, when I visited Monaco, he invited me to his office to continue our conversation.

What I appreciate about Monaco is that people are very open and willing to talk, regardless of who they are. The relationships you build are long-term and deep, often turning into friendships.”

You also met the Sovereign Prince of Monaco on multiple occasions, right?

“Yes, I was part of the Monaco Ambassadors Club, and during their annual gala dinner, the President, Christian Moore, introduced me to His Serene Highness Prince Albert II of Monaco. We had a brief chat that evening, which led to a personal meeting at the Prince’s Palace.”

How was it to meet with the Sovereign Prince of Monaco?

“I cannot even express how humbling it is for a visitor in Monaco to have such a meeting. Nowhere else in the UAE, the UK, or anywhere in the world would you get to meet a royal family member in a private meeting. I remember entering His Highness’ office, and we sat down for a very relaxed conversation. Prince Albert was incredibly kind, generous, and open. We spent more than an hour together. It was a truly humbling and eye-opening experience.”

Eye-opening in what sense?

“Having the opportunity to meet a royal family member or the sovereign of a country is truly special. It also shows what kind of person Prince Albert is — the ruler of Monaco knows the people and genuinely seems to care about them. Think about any global elections right now: do people usually get the chance to meet their presidents or prime ministers for a private 1-2-1?”

Pursuing an International Career

Ali studied finance in London and spent 10 years with Barclays Bank. However, he was always keen to discover more avenues that could open new opportunities for him and his family.

“I moved to Dubai because it was a growing financial hub. The financial centre was expanding, the population was increasing, and the opportunities were very favorable. However, when I look back, what really attracted me was the combination of lifestyle and the chance to raise a family with young children in a comfortable, safe environment. I believe this is very similar to why most people choose Monaco.”

Do you have things that you miss about London?

“Obviously, when you live in your home country, you benefit from having extended family and friends who you grew up with.

Also, as a father, I believe the British education system is one of the best in the world. For example, in Dubai, you have options like the British Curriculum, US, and others when choosing a school for your child. However, British schools tend to have the longest waiting lists and the highest fees.”

You still meet and connect with Monaco residents on a regular basis; why is that?

“When you are marketing to ultra-high-net-worth clientele, there is no place in the world like Monaco. The Principality of Monaco offers unique business opportunities and is the perfect market for them. As I mentioned before, the friendly small community and the openness of the people you meet are extraordinary. In other parts of the world, this can be quite challenging.”

Ali currently works with Elite Wealth Management, an affiliate company of Lattice Capital Management. Together, they offer an investment vehicle that requires no commitment of capital, as the strategy utilises existing assets as collateral. Clients maintain full control over their existing asset allocation. Ideal for investors seeking an absolute return with low correlation to the equity markets and generating additional yield from an existing portfolio.

“Elite Wealth Management serves as an advisory firm, complemented by Lattice Capital Management, its hedge fund division headquartered in Washington, USA. They specialise in managing portfolios for prominent tech entrepreneurs and CEOs.

During previous visits to the UAE for networking and market exploration, they observed that establishing trust in Dubai is akin to Monaco, requiring a local representative. Unlike London or New York, where transactions are more direct, cultivating connections in these locations requires time and personal affiliations.

I was approached by Elite Wealth Management because of my established local relationships. Looking ahead, we are preparing to establish a presence in the Dubai International Financial Centre, with my focus spanning the EMEA region.”

Ali spent more than 10 years in Dubai and built up relationships with high-profile families and royalty in the Middle East during this time. Yet, he decided to embrace this new opportunity.

It all makes sense

Since 2004, Elite Wealth Management has offered a highly unorthodox way to invest with a no-capital commitment strategy.

“It’s not surprising, but many high-net-worth individuals often have wealth tied up in non-liquid assets. Instead of holding physical cash in banks, they typically invest in corporate shares, bonds, and various stocks like Apple and Tesla through trading or brokerage platforms. The value of these investments fluctuates, and they may receive dividends annually. 

Additionally, top executives often receive stock options as bonuses or part of severance packages, which they may hold onto for the long term without immediate need for access.

I first encountered a strategy like this with Parametric, a Morgan Stanley company, where clients can enhance their returns by wrapping a strategy around their existing investments, generating additional returns without needing to liquidate their holdings. 

A true example of making your money work harder. This innovative approach to wealth management is both unique and appealing.”

Why would someone choose Elite Wealth Management over the mentioned Morgan Stanley?

“For several reasons, Parametric outsources this business to Morgan Stanley, imposing a minimum investment requirement of one million dollars upfront. Some clients may feel hesitant about committing such a large sum immediately; they prefer starting with a smaller amount to test the waters and gauge how the strategy performs and feels.

In contrast, Elite Wealth Management offers a lower minimum entry size of $100,000, allowing clients to initiate with a smaller investment and gradually scale up as they become more comfortable.

Secondly, when seeking private equity or venture capital funding, for example, founders are often asked how much of their own money they’ve invested in the business. Investors want to see that you have skin in the game. We have over 30% of our personal funds invested, showing our strong commitment to the firm’s success.

As a boutique firm, we take pride in historically achieving strong performance, especially during years with negative returns. When comparing our track record with that of our competitors, our strategy consistently demonstrates robust performance, outperforming even the returns offered by Morgan Stanley.”

Currently, Ali and his team manage over 2 billion USD in client funds around the world in their portfolio. Ali is a truly open-minded individual who is always available to meet new people in Monaco. It is valuable feedback to see how an internationally travelled businessman appreciates the core community-driven values of the Principality of Monaco.