VFM hosts sales seminar for BoV employees
Valletta Fund Management (VFM) funds under management/ administration, as at October 29, exceeded US$714 million for over 40,000 shareholders, spread across 34 funds. This was stated by VFM general manager Charles Borg during a sales seminar for Bank...
Valletta Fund Management (VFM) funds under management/ administration, as at October 29, exceeded US$714 million for over 40,000 shareholders, spread across 34 funds. This was stated by VFM general manager Charles Borg during a sales seminar for Bank of Valletta employees involved in the promotion and sales of VFM's investment funds.
He said the figure "represents an increase of over 33 per cent in funds under management/administration compared to last year. These extremely positive results have been obtained thanks to the dedication, teamwork and professionalism of all employees."
Mr Borg also highlighted the main factors which have contributed towards another successful performance by VFM during the past financial year. "This financial year marked the launch of three new Multi-Manager Funds," he said.
"The success being enjoyed by this new product lies in its innovative concept and approach, whereby long-term capital growth is being achieved through the expertise of the world's best fund managers who, in turn, invest in units of collective investment schemes in a way that allows for wider diversification in terms of industry and sector exposure.
"Another important factor that led to a significant growth in business was our decision to start offering back office administration to third parties. First we started administering third party funds of other promoters locally and today we are doing fund administration for a number of international institutions situated in North Africa and Europe.
"This entailed a sound investment in proper IT systems for us to be able to conduct this business but now we have started to reap the benefits from this wise decision."
During the seminar assistant general manager Kenneth Farrugia delivered a presentation on the outlook for local and international markets.
Bank of Valletta compliance manager Dr Ruth Longhurst spoke on the regulatory developments and BoV's commitment to abide by all the relevant laws and regulations, while VFM marketing assistant Mark Vella talked about the information available to sales personnel on the BoV intranet system relating to VFM's investment funds.
After the seminar, awards were presented to a number of branches in recognition for their sales achievements.