Max-Hervé George: The Unconventional Journey of a Financial
Innovator
Origins & Early Years
Max-Hervé George was born on March 28, 1989 in Metz, France.
From a young age, he had a strong interest in economics and finance. He studied
law at the University of Paris X after completing his economics baccalauréat in
2008 at Institut Pilâtre de Rozier. However, in 2010 he left his law studies to
pursue entrepreneurial ventures, especially in real estate and private equity.
Max-Hervé George: The Unconventional Journey of a Financial Innovator / Biography of Max-Hervé George:#age#net worth#investor#French billionaire busin
Ultima Capital & First Major Deals
In 2012, George co-founded Ultima Capital with Byron
Baciocchi. One of their landmark projects was acquiring Sport Hotel Rutti in
Gstaad, Switzerland, then demolishing and rebuilding it to create the luxury
hotel Ultima Gstaad, which opened in December 2016.
By 2019, Ultima had listed on BX Swiss, and in November 2023
George sold his 33% share of Ultima Capital in a deal valuing the business at
about US$1.4 billion.
Icona Capital & Strategic Real Estate Expansion
George founded Icona Capital, based in London with
operations in Luxembourg, Geneva, and Singapore. Under his leadership, Icona
pursued high-value real estate and alternative investment opportunities. A key
deal was acquiring 40% of Swiss real estate group Stoneweg in 2022.
Another major move: acquiring Cromwell Property Group’s
European fund management platform via Stoneweg. This included €3.9 billion
in real estate assets, a 27.8% stake in the Singapore-listed REIT CEREIT, full
control of its Singapore manager, and half ownership in Cromwell Urban Italy
Logistics Fund. The acquisition cost around €280 million.
As a result, by late 2024/early 2025, the combined
real-assets business (Icona + Stoneweg) managed about €8 billion in real
estate assets.
SWI Group Formation: Rebrand & Scaling Up
In Spring 2025, Icona Capital and Stoneweg merged under a
new brand: SWI Group, with Max-Hervé George as Chairman & Co-CEO.
Key metrics for SWI Group:
- Over
€10 billion AUM (assets under management) combining real assets and
alternative investment strategies.
- More
than 350 employees across ~25-26 offices in 17-18 countries.
- Two
main divisions: “Stoneweg Real Assets” (living, logistics, data centres,
offices, etc.) and “Icona Alternatives” (private equity, credit, sports
& entertainment, etc.).
The Legal Battle Over “Known-Price” (“À Cours Connu”)
Contracts
George is known for a distinctive dispute with insurer Aviva
(which absorbed Abeille Vie), involving life insurance contracts that include a
“known price” clause. These contracts allow policyholders to switch
funds at prices published weekly, even if markets have moved since the
publication, giving them an arbitrage-style benefit.
Some updates:
- The French
Cour de Cassation (supreme court) ordered Aviva to credit George and
his family with €9.6 million total to make up for missed value in
their contracts between 1997–2007.
- If
similar growth rates held, projections have suggested that George’s
contract alone could be worth ≈ €1.2 billion by 2020, with even
larger potential by 2030.
Wealth, Recognition & Public Profile
- George
was featured in Forbes’ “30 Under 30” list—recognition of his early
successes in real estate and luxury hospitality.
- Estimates
of his net worth vary. Some sources place the value of his holdings,
especially after the sale of his Ultima stake and growth of SWI, in the
high hundreds of millions of euros, possibly more given the legal claim.
Exact figures are seldom confirmed.
Missing or Uncertain Information & What’s Next
- There
are no recent public confirmations of some earlier claims (e.g. exact
projected values of the Aviva contract beyond certain court rulings).
- George’s
fight with Aviva is still ongoing in certain respects, especially around
compensation for long-term value.
- As SWI Group continues to grow, its performance in data centres, logistics, and real assets will likely define whether George surpasses more ambitious financial forecasts.
