Global fund administrator FundBPO has opened an office in Malta which will be headed by new hire Malcolm St John.
St John has more than 15 years of fund services experience, most recently with Apex Fund Services and HSBC.
The office opening follows FundBPO’s receipt of a Recognition Certificate from the Malta Financial Services Authority to act as a fund administrator in Malta.
Malta is an emerging jurisdiction for the formation and administration of funds in the European Union, with a net asset value of EUR10 billion in over 500 locally based funds.
FundBPO (Malta) Limited’s new office in Sliema will be responsible for the group’s fund services in Europe.
“We believe Malta offers an excellent gateway for clients seeking investment solutions for European markets. At the same time our new office represents a significant opportunity to offer cross-border services and ‘follow-the-sun’ workflow to our existing clients out of Malta,” says St John.
The opening of the new office coincides with the group’s recent acquisitions of Galileo Fund Services on the Isle of Man and Fundadministration in New York. The group now has offices in six countries: Australia, Hong Kong, Singapore, the US, the Isle of Man and Malta.
“We are encouraged by the level of interest in Malta as a domicile and processing centre for European funds. Clients are attracted to our unique offering as a listed global fund administrator with AUD95 billion in funds under administration. Next we will explore ‘passporting’ our Malta fund administration licence to Luxembourg and Dublin to further our reach in Europe,” says Martin Smith (pictured), chief executive officer of FundBPO.
