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The Global Ambitions of Malta Stock Exchange Assessing the Benefits To Malta Special Supplement Cover_. 10/12/2010 15:54 Page 2 POSITIONING FUND ADMINISTRATION FOR NEW BUSINESS MALTA: THE NEW FINANCIAL HUB The global ambitions of Malta Stock Exchange Assessing the benefits to fund managers The new private equity domicile VLT1063 - Malta | info@financemalta.org | tel. +356 2122 4525 | fax. +356 2144 9212 MALTA’S COMPETITIVE EDGE !!!!!! Malta Special Supplement Cover_. 10/12/2010 15:54 Page 3 Malta Special Supplement_. 10/12/2010 15:44 Page 1 CONTENTS FEATURES THE NEW FINANCIAL HUB ....................................................................................Page 2 Kenneth Farrugia, chairman of Finance Malta, writes on Europe’s new financial gateway. Around 12% of the Maltese GDP is related to financial and administrative services, with the government hoping to raise this figure to a quarter of the nation’s GDP by 2015. Despite some internal stresses, the next years promise to be a challenging one with continued, robust growth. MALTA’S FINANCIAL APPEAL ................................................................................Page 4 London’s Global Financial Services Index (2010) has hailed Malta as one of the five financial centres to grow in importance over the coming years. In the light of impending regulation in Europe and the US, fund investors and managers are carefully evaluating the jurisdiction of their choice. Charles Azzopardi, managing director, HSBC Securities Services (Malta) Ltd outlines the opportunities this country can offer as a feasible alternative financial centre. MALTA’S ONSHORE APPEAL TO FUND MANAGEMENT ..........................Page 8 The real growth driver in Malta is, and will be in the forseeable future, the alternative investment fund area, says Dr David Griscti, head partner and founder of the law firm David Griscti & Associates. Although hedge funds have been the most popular, the country has also set up funds in a variety of alternative asset classes, including private equity, property, commodities, alternative energy and even art. PUNCHING ABOBE ITS WEIGHT ........................................................................Page 12 Since its accession to the European Union six years ago, and the adoption of the euro in 2008, Malta’s profile as an onshore jurisdiction has been firmly established. According to the latest 2010 Global Financial Centre Index, the island is one of the top three centres financial centres most likely to succeed, along with Dubai and Shanghai. Lynn Strongin Dodds explains how this small country is building up the financial muscle to be able to compete with the big boys. MSE AIMS TO BE A GLOBAL PLAYER ..............................................................Page 16 The Malta Stock Exchange (MSE) intends to capitalise on its position in league tables with the objective of internationalising and promoting itself to investors as well as insurers. Eileen Muscat, chief executive of the MSE, says: “We see ourselves as acting as a gateway for issuers from non-European countries to tap into a European investor base and vice versa.” THE NEW PE DOMICILE ........................................................................................Page 19 The uncertainty created by the AIFM Directive together with the changes which are expected to occur to the European regulatory landscape have encouraged private equity funds to seek alternative onshore domiciles to what has traditionally been an offshore industry. Now Malta is setting out its stall as a natural home for the private equity segment. Steve Paris, head of Financial Services at Deloitte and Dr Andre Zerafa, partner, Ganado and Associates, Advocates outline the advantages. MORE FOR MORE ....................................................................................................Page 21 The evolution of financial markets and how specific regions react is one of the more interesting observations one can make today. What makes one location more appealing than the next? Why do new centres emerge and others fade and why are some enduring and what will happen in the future? The criteria that define these trends evolve in response to market conditions and also as reactions to successes and failures in the response to these drivers. By Mark Hedderman, chief operating officer, Custom House. A SUPPLEMENT TO FTSE GLOBAL MARKETS • DECEMBER 2010 / JANUARY 2011 1 Malta Special Supplement_. 10/12/2010 15:44 Page 2 MALTA REPORT: MALTA Finance and related administrative services account for around 12% of Malta’s GDP, with the government aiming to build this segment to around a quarter of GDP by 2015. The financial sector’s gross value added in nominal terms grew by a rather respectable 22% last year and net financial inflows have contributed substantially to the contraction in the country’s long standing current account deficit. Over the decade, Malta has distinguished itself as a cost effective, serious and adaptable jurisdiction in the field of financial services, backed by The Investment Services Act, 1994 and a robust regulatory environment, overseen by the Malta Financial Services Authority (MFSA). EUROPE’S NEW GATEWAY FINANCIAL 2011 promises to be a challenging year, though the jurisdiction expects continued robust growth, despite some internal stresses. By Kenneth Farrugia, chairman, Finance Malta. THE NEW FINANCIAL HUB OR MALTA, THE recession has proved short and shallow, with a peak-to-trough decline in GDP of 3.4%, as against F5.3% in the euro area. While GDP contracted by 2.1% in 2009, it rebounded to a very positive 4% in the first half of 2010, which suggests, says the central bank, the outturn for the full year could top 3%, driven by brisk export activity and a strong accumulation of inventories. The country has been relatively inured to the vagaries of the global recession, for good reasons. The first is the government’s commitment to diversifying the economy towards high value services, which have proved resilient to the downturn impacting the rest of Europe. Two, the jurisdiction is emerging as a natural fund domicile. Figures released by the MFSA indicate a 13% growth in the Net Asset Value (NAV) of investment funds domiciled in Malta during the first six months of 2010, confirming a same trend seen in the second half of 2009. Total NAV at the Kenneth Farrugia, chairman, Finance Malta. Photograph kindly end of June stood at €7.93bn (up from €6bn at the height of the supplied by Finance Malta, November 2010. crisis in June 2009). The strongest expansion is in the Professional Investor Fund (PIF) segment, despite the restructuring that notches from the previous report. Moreover, Malta itself has has been taking place in this area to reflect changes in investor moved into 11th position in financial market development. appetite. All 51 funds licensed by the MFSA in the first six Admittedly not everything is rosy. A continued weakness months of 2010 were PIFs, bringing the total of PIFs in Malta is the slow growth in productivity and private consumption, to 331. UCITS funds in comparison stood still at 45, while the which has undermined economic performance in recent number of non-UCITS stood at 33, three down on December years. The public sector also remains relatively over-manned. 2009. Another 26 overseas funds are authorised to be retailed Additionally, too few people in Malta participate in the formal in Malta. Out of 104 Schemes into which the funds are grouped, labour market (55%), compared to the rest of Europe (65%), 72 are multi-fund structures, 20 are stand-alone funds and 12 with the activity rate among women and older workers are Master/Feeder structures. Diversified funds were the largest particularly low. asset category, accounting for almost 51% of all the locally Not all the issues are domestic. Given continued strains in based funds. Equity funds were the second most common the global economy Malta can only expect modest growth in category with a share of 19% of the total number of funds export markets in the near term, particularly as the Eurozone while derivative funds accounted for 12%. is expected to grow a mere 1.5% in 2011. However, the government has acted fast. Aside from Malta’s stable financial sector also remains a key strength, albeit, as a banking centre Malta’s credentials are perforce introducing new work incentives, a restructuring of the pension modest, with total banking assets as at the end of 2009 standing system is in hand, thereby boosting incomes in retirement, at a tip over €41bn. Substantially liquid, Malta’s banks have and encouraging private saving to close the saving/investment however avoided the toxic shocks which have rocked the gap. While the continued repercussions of the financial crisis will industry just about everywhere else; instead they have taken a continue its low level impact on the country’s domestic growth largely old-fashioned approach, preferring to act as intermediaries statistics, Malta’s stable appeal as a fund management centre between retail borrowers and depositors. According to the continues apace and the jurisdiction expects 2011 to provide a World Economic Forum’s Competitiveness Index 2010-2011, the new raft of funds utilising the jurisdictions robust regulatory soundness of Maltese banks is now ranked 10th globally, up two environment, market flexibility and low cost services. I 2 DECEMBER 2010 / JANUARY 2011 • A SUPPLEMENT TO FTSE GLOBAL MARKETS 1 0 18:20 Malta Special Supplement_.
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