The top-seeded Tipsarevic improved to 3-6 in career finals with his 6-4, 5-7, 6-3 decision over the second-seeded Monaco at Stuttgart, Germany.
Tipsarevic, ranked 8th in the world, collected with his first career win on a clay court.
Monaco, meanwhile, fell in a final for the first time this year after previously winning clay-court crowns at Vina del Mar and Houston.
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