Valletta Fund Services Limited will take over all fund administration services from Valletta Fund Management Limited, meaning it will start with 13 investment companies and 43 sub-funds, which in total reflect over $1 billion worth of assets under administration, and a shareholder base of just under 50,000.
Valletta Fund Management, in turn, will continue to operate as a separate subsidiary company focusing entirely on product development and the marketing of its range of collective investment schemes.
Bank of Valetta (BOV) said that the new subsidiary will offer fund promoters a comprehensive range of fund administration services, including turnkey pre-registration assistance, fund accounting, registrar and transfer agency services, and other peripheral services.
One of the things that has happened to Bank of Valletta over the past decade is we have moved from merely being a simple retail bank that takes deposits and provides loans, towards a financial services organization involved in bringing financial products to an increasingly sophisticated marketplace. BOV has also widened its focus to new areas, including efforts to promote Malta as a financial services center, commented BOV chairman Roderick Chalmers. We see the funds administration business as having potential for being a fast growing sector in Malta.
Mr Chalmers also said, at a press conference during which the new subsidiary was launched, that he believes the number of funds established in Malta will continue growing at a very satisfactory rate.
