Malta’s reputation as a hedge fund domicile was established with the island’s accession to the European Union in May 2004. Back then, only four hedge funds were domiciled in Malta. Currently, over 700 investment services licenses have been issued including sub funds.
EU membership has positioned Malta on a level playing field with other European Union countries, and introduced passporting rights so that investment services and UCITS schemes may be registered in Malta and passported to any EU country. The domiciles’ legislation is in line with EU law and built on international best practice; it caters for the regulation of investment funds whilst the Malta Financial Services Authority (MFSA) guarantees a sound regulatory and legislative framework which inspires confidence. Moreover, euro adoption, on the 1st of January 2008 has helped Malta remove the cost of exchanging currency, allowing businesses and individuals to consummate previously unprofitable trades.
FinanceMalta, is a non-profit public-private initiative, set up to promote Malta’s international Financial Centre. The organisation brings together, and harnesses, the resources of the industry and government, to ensure that Malta maintains a modern and effective legal, regulatory and fiscal framework in which the financial services sector can continue to grow and prosper.
Kenneth Farrugia joined Bank of Valletta plc in October 1985, and has over the years occupied various roles within the BOV Group. He currently holds the post of General Manager at Valletta Fund Services Limited, Bank Of Valletta's fund servicing arm and is also a director on the Board of Valletta Fund Management Limited. Within the Bank Of Valletta plc, Kenneth holds the post of Chief Officer and sits on the Executive Committee of the Group.
Within the financial services industry, Kenneth is a member on the Financial Services Consultation Council and also serves as Chairman of the Malta Funds Industry Association. Kenneth was appointed Chairman of the Board of Governors of FinanceMalta in April 2009.