FinanceMalta discusses financial services in London

Malta is becoming an increasingly attractive destination for financial services; this was announced by Denis Nagy, CEO of London-based investment firm Dolfin during a recent briefing event hosted by FinanceMalta and Dolfin at the firm’s offices in London. The event was open to Dolfin’s key clients and media contacts and was aimed at discussing the potential of Malta as a jurisdiction for fund management in the EU.

“We believe in Malta,” Nagy told delegates. “We have had a presence on the island since 2016 and are enormously impressed with the productivity and openness we have experienced there. Its proximity to the UK and robust legal environment make Malta a focus for asset managers, and we are optimistic about its future.”

Denis Nagy, CEO Dolfin Group, opening the event

Addressing the guests, Ivan Grech, Head of Business Development at FinanceMalta, said, "There are key investment opportunities in financial services in Malta. It is a strategic hub experiencing strong economic growth, low unemployment and featuring a stable sovereign rating. Over this last decade, Malta’s financial services industry has experienced strong growth traction and has evolved into a highly diversified ecosystem of asset management, insurance and private wealth business.  There are currently over 10,000 persons employed in the financial services sector, and we are very much in labour import mode.”

Mr Grech added that “For asset managers, the jurisdiction offers significant advantages. Various structures and products are offered, and innovative solutions can be found that allow funds to launch swiftly on to the market. These structures include a myriad of fund vehicles, trusts, foundations and securitization vehicles amongst others. The workforce is highly educated, and all legislation is published in English, which offers fund managers clarity and peace of mind – as does the island’s political and economic stability. Currently, the island is home to 163 investment services licensees, 663 investment funds, 26 fund administrators and 8 custodians. This developed infrastructure makes Malta a highly attractive destination for asset managers, family offices and family businesses.

Ivan Grech, Head of Business Development FinanceMalta, addressing delegates

In his address, Ramon Bondin, Malta-based Project Manager for Dolfin, said, “Currently, none of those eight custody licences is held by a London-based firm and Dolfin is setting out to change this. What we are doing is adding another entity to the group, which will be based in Malta and carry out brokerage and depositary services for our clients. By leveraging our operational set-up and the huge investment we have made in technology in London, we will be able to bridge a gap when it comes to investments that might be considered complex in Malta but are bread and butter here in London.”

l-r: Karine Seguin, Head of Business Development Trident Fund Services, Ramon Bondin Project Manager Dolfin,
Albert Cilia, Managing Director Trident Trust (Malta)

In conclusion, Mr Bondin said that, “Malta is an attractive, up-and-coming jurisdiction for funds. It’s been gaining traction in recent years, and, the more custody options that there are, the more funds will choose Malta as a jurisdiction. Dolfin’s goal is to become the only London-based operation to offer depository services in Malta from early 2018. Long-term, having an operation that is based in Europe makes strategic sense for Dolfin and for our clients.”