VFM forms strategic partnership

Valletta Fund Management, Bank of Valletta's fund management arm, has joined Insight Investment, one of the largest asset management companies, in a strategic partnership.

VFM chairman Joseph Zahra and Mark Connolly from Insight, the newly appointed director on VFM's board, signed the partnership agreement yesterday.

The new strategic collaboration with Insight Investment follows the successful experience with Rothschild Asset Management, which has been VFM's strategic partner since the inception of the company in 1995.

Since then, with the launch of just two funds in 1995, Valletta Fund Management has managed to grow into Malta's leading fund management company with 23 proprietary funds denominated in sterling, euro, US dollars and liri, the administration of 21 funds for third parties and with over US$386 million under management.

Rothschild announced the sale of the group's retail and institutional asset management business to Insight Investment Management in December, 2002.

The transaction received regulatory approval in January this year.

Insight Investment is the investment wholly-owned subsidiary of the Halifax and Bank of Scotland, one of the leading financial services companies in the UK.

Mr Zahra said VFM's association with Insight would bring more talent and resources to Valletta Fund Management.