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Malta Hedge Fund Services 2012

Thu, 20/09/2012 - 14:37

Read why overseas managers are flocking to Malta to ensure they retain access to the European market once the AIFMD is in force

The 'Malta Hedge Fund Services 2012' special report comprises 12 separate articles listed below, these can be read individually or as a sequence.
Kenneth Farrugia, chairman, FinanceMalta

Global fund industry drawn to Malta’s proven qualities

Thu, 20/09/2012 - 14:45

By Kenneth Farrugia (pictured) – Malta’s fund industry is increasingly making the headlines in the financial media, which have highlighted the island’s attractiveness as a domicile. Journalists and finance analysts progressively see Malta as a complementary EU jurisdiction to traditional fund domiciles, where regulatory environment supports innovative strategies and solutions. »

Laragh Cassar, Partner, Camilleri Preziosi

Collective Investment Schemes: Tax implications

Thu, 20/09/2012 - 14:50

By Laragh Cassar (pictured), Partner, Camilleri Preziosi – Collective Investment Schemes (CIS) offer various benefits and enable participants to pool in their investments under the principle of risk spreading. Furthermore, CIS enable the individual investor to benefit from investment opportunities which are generally not viable or available to them, due to cost, regulatory and licensing restrictions.   »

Dr André Zerafa, partner, Ganado & Associates

Malta’s expertise attracts managers as AIFMD looms

Thu, 20/09/2012 - 14:55

By Simon Gray – As though a mediocre investment climate and a difficult environment for fundraising weren’t enough to deal with, the alternative fund industry in Europe is now facing up to the home straight of implementation of the European Union’s Alternative Investment Fund Managers Directive, which is due to take effect as of July 22 next year. »

Ximo Vicent, Head of Credit & Investments, Mediterranean Bank

Value-added services from Mediterranean Bank

Thu, 20/09/2012 - 14:59

Interview with Ximo Vicent – Mediterranean Bank is a relatively new banking institution. Now, having focused on building out its infrastructure to meet its own business needs, the bank is looking to leverage this to support smaller funds domiciled in Malta. »

Dominique Lecocq, partner, Lecocqassociate

Seeking an asset management license

Thu, 20/09/2012 - 15:03

By Dominique Lecocq (pictured) & Dr Caroline Pace, partner and senior associate, respectively, Lecocqassociate – In order to get a regulatory license, an asset management company must guarantee a fit and proper organisation. Most recognised jurisdictions have set similar standards, including (i) a level of independence between shareholders and board members; (ii) a level of ‘chinese wall’ between operations, risk management and compliance; (iii) dual control and four eyes principles; (iv) good monitoring of conflict of interests. »

Roger Buckley, Castlegate Fund Services

Malta and corporate governance

Thu, 20/09/2012 - 15:07

By Roger Buckley (pictured) – As an emerging funds jurisdiction Malta is in a strong and perhaps enviable position to mould its future as a domicile and fund administration centre with enhanced corporate governance standards. Together with compliance and risk management, decent corporate governance is a crucial pillar of fundamental importance in the investment funds industry. »

Andrew Frankish, director, IDS

Service providers see opportunities as Malta gains traction

Thu, 20/09/2012 - 15:14

By Simon Gray – The success of Malta in becoming established as an alternative to the established European Union domiciles for both traditional and alternative cross-border funds, Luxembourg and Ireland, is underpinned by the growing breadth of capacity and depth of expertise of service providers to the industry, from law firms and accounting and audit practices to fund administrators and custodians. »

Dr Stephanie Micallef, Ganado & Associates, Advocates

Private equity funds and the AIFM Directive

Thu, 20/09/2012 - 15:33

By Dr Stephanie Micallef (pictured), Ganado & Associates, Advocates – Malta has become an attractive jurisdiction for funds, due in part, to the flexible regime for professional investor funds (“PIFs”). Under this regime, private equity funds are structured as PIFs. »

Adam de Domenico, founder and managing director, Zodiac Advisory Services (ZAS)

Malta is not a small island of light touch regulation

Thu, 20/09/2012 - 15:36

By Adam de Domenico (pictured) – There are many reasons why managers might decide to come to Malta; its favourable tax regime, climate, inexpensive costs and more. In the last few years there’s been a good push from both managers and funds looking to set up in Malta. »

Gatis Eglitis, managing partner, EXANTE

The online one-stop shop that’s open for business

Thu, 20/09/2012 - 15:20

Interview with Gatis Eglitis – For integrated brokerage and fund platform firm, EXANTE, setting up in Malta last year was certainly a case of ‘New Kid on the Block’. Historically, the island has always been a nation of savers. The investment industry has necessarily developed to reflect this fact, where the general sentiment is one of long-term investing with low risk appetite. »

Joseph Saliba, partner, Mamo TCV Advocates

Local fund regime could run in parallel with AIFMD

Thu, 20/09/2012 - 15:26

Interview with Joseph Saliba – In May this year, two draft versions of the Directive’s Level II measures came into circulation, with the European Commission’s draft differing in several areas compared to ESMA’s advice to the Commission. This is not helping managers, who are increasingly looking for clarity from their service providers.  »

Chris Casapinta, managing director, Alter Domus (Malta)

Working under the AIFM Directive

Thu, 20/09/2012 - 15:29

By Chris Casapinta (pictured) – The role of fund administrators has changed quite substantially in recent times. In part because of increasing global regulatory pressures, but also in response to the larger array of products and target assets and also due to greater calls for transparency from institutional investors and managers. Administrators who want to continue servicing top managers have to shore up their operational structures to ensure that the new regulatory and market requirements are addressed efficiently. »

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