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"We see ourselves partnering with UK operators to provide solutions to help them sustain their business models; we're not looking to try and take business away from the UK," comments Kenneth Farrugia, Chairman of FinanceMalta, which promotes Malta's fund management industry overseas (in addition to the insurance sector, trust and foundations sector and wealth management).
"Brexit could present opportunities for UK companies who wish to maintain operations in Europe but it really depends on the passporting issue. Either way, we want to sustain the excellent working relationship we have with the UK," adds Farrugia.
"Financial services is an important industry for any jurisdiction's economy because of the multiplier effect that extends to the whole economy. From a regulatory and legal perspective it is difficult to differentiate yourself from other jurisdictions. But Malta has some key elements that have enabled it to attract business over recent years.
"The open for business mindset that prevails in Malta is critical. Not only as far as service providers and practitioners are considered but even from a political and regulatory perspective there exists an open for business mindset. Malta implemented all the directives in a very timely manner; AIFMD, UCITS IV and so on," says Farrugia.
Indeed, there is a real culture of getting things done in Malta.
Fund promoters can easily meet with the MFSA in days, not months. Equally, given the size of the island (just 315 square kilometres), it allows asset managers to quickly organise meetings with other asset managers, lawyers and audit firms. Then there's the cost competitiveness of the jurisdiction. Start-ups and established managers wishing to launch new products have to focus on costs given the way that hedge funds have suffered, performance-wise, in recent times.