Monaco is proving to be one of HSBC Private Bank’s biggest generators of new money, as the principality continues to be an important location for European wealth management.

Gerard Cohen, who runs the bank's business in Monaco, said the private bank has managed to vacuum up $4.4bn in net new money in the year to the end of July. In the first half of 2008, HSBC Private Bank globally managed to grow net new money by $14.5bn.