The family office received approval last month to establish itself in Monaco, the Mediterranean playground famed for casinos, low taxes and glitzy events, according to registry filings.
It has already hired the former co-head of Goldman Sachs Group Inc’s Monaco operations, Arnaud Caussin, after he left the Wall Street giant this year, and has plans to open an office in the principality, the people said, asking not to be identified since they weren’t authorized to speak publicly.
“We are building up the team,” Caussin, who lists his position as Dilmon’s deputy chief investment officer, said in a recent LinkedIn post. He didn’t respond to a request for comment.
A representative for Dilmon, which also has offices in Qatar and London, declined to comment.
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Sheikh Hamad, 73, one of the most prominent figures in Qatar’s ruling family, helped to develop the nation of roughly 3 million people into a vital energy supplier, prominent investor, soccer World Cup host, university funder and conflict intermediary during his 18-year reign.
The personal investments of the oil-rich nation’s ruling dynasty totaled at least US$150 billion, according to a Bloomberg Billionaires Index estimate last year, putting them among the world’s richest families. They include holdings in Italian luxury brand Valentino SpA, Picasso artworks and Deutsche Bank AG, where Dilmon executive Michele Faissola held senior roles for more than a decade.
Sheikh Hamad, who handed over Qatar’s reins in 2013 to his son, Sheikh Tamim bin Hamad Al Thani, 45, is also an investor through Dilmon in five-star hotels including the Connaught in London and the Maybourne Riviera near Monaco.
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Dilmon’s “next generation” investment platform will allocate to public markets, private equity and strategic stakes in companies, job postings show. Recent openings include a credit portfolio manager as well as a middle-office systems worker to support Chief Operating Officer Rashid Zuberi, who previously held a similar position during a 22-year career at Deutsche Bank.
Tax benefits
Dilmon’s Monaco expansion follows a leadership shakeup for the family office with Abdulrahman Al-Mannai becoming chief executive officer after leading one of Qatar’s largest logistics companies. Swiss private banking veteran Stephane Monier also joined in 2024 as chief investment officer in a role based in the capital of the Al Thanis’ home nation, Doha.
A survey of 585 family office professionals found almost half of their employers operate in more than one location, increasing from 30% two years ago, according to a recent report from KPMG and recruitment firm Agreus Group. Taxes were the most-cited factor for relocations.
From Monaco, where residents don’t typically face income or capital gains taxes, Dilmon can likely offer juicier pay packages than in the UK, which has curbed lifestyle benefits this year for some of its wealthiest residents, prompting many to relocate to other territories.
“When it comes to hiring talent, offering them an option in Monaco makes it easier from a tax point of view as well,” said Tayyab Mohamed, co-founder of Agreus and head of the firm’s Middle East market. “Especially if you’re coming in at a senior level.”
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