Figures released by the MFSA indicate a 13 per cent growth in the net asset value of investment funds domiciled in Malta during the first six months of this year. This confirms the positive trend seen in the previous six months which had also seen a growth of 13 per cent. The increase in the net asset value was contributed by a range of funds which are recovering from the financial crisis together with a number of new funds which started operating in the domicile last year. Total NAV at the end of June stood at €7.93 billion, after it had declined to around €6 billion at the height of the crisis in June 2009.
The strongest expansion is in the Professional Investor Fund (PIF) segment, despite the significant restructuring that has been taking place in this area to reflect changes in investor appetite. All 51 funds licenced by the MFSA in the first six months of 2010 were in fact PIFs. These new licences bring the tally of Professional Investor Funds domiciled in Malta as at the end of June to 331. By comparison the number of UCITS funds remained the same at 45, while the number of non-UCITS stood at 33, three less than in December of the previous year. Another 26 overseas funds are authorised to be retailed in Malta.
Out of 104 schemes into which the funds are grouped, 72 are multi-fund structures, 20 are stand-alone funds and 12 are master/feeder structures.
As at June 2010, diversified funds were the largest asset category, accounting for almost 51 per cent of all the locally based funds. Equity funds were the second most common category with a share of 19 per cent of the total number of funds while derivative funds accounted for 12 per cent. There were no new authorisations for money market funds during the first six months.
The full report on the “Analysis of Collective Investment Schemes licensed by the Malta Financial Services Authority” may be found under the Publications & Events section on the MFSA website: www.mfsa.com.mt.
Euroclear launches FundSettle in Malta
Following discussions between Euroclear S.A/N.V. and the MFSA, Maltese funds may now be accepted on the Euroclear FundSettle platform. Representatives from Euroclear’s head office in Belgium were in Malta recently to provide further details onthese facilities to fund managers and other investment service providers.
FundSettle is a system that facilitates order routing, cash settlement and fund servicing across national, European and international borders. It is used as a settlement platform between fund distributers and transfer agents acting for fund promoters. The platform provides access to over 50,000 funds and 520 transfer agents in 24 domiciles, including Malta. Other services provided by the Euroclear group include clearing, settlement, custody and securities, and borrowing services on different financial instruments.
Licences surrendered during September / October
Collective Investment Schemes
Swiss Investment Funds SICAV plc has surrendered licences in respect of 1 sub-fund.
Alphabetos International Funds SICAV plc has surrendered licences in respect of 4 sub-funds.
HSBC Malta Funds SICAV plc has surrendered licence in respect of 1 sub-fund.
FMG Funds SICAV plc in respect of 3 sub-funds.
New licences issued in September / October
Collective Investment Scheme Licences
Professional Investor Funds targeting Qualifying Investors
• CIS licence issued to Creative Investments SICAV plc in respect of two sub-funds.
• CIS licence issued to Shelter Island SICAV plc in respect of two sub-funds.
• CIS licence issued to Ananea Funds SICAV plc in respect of two sub-funds.
• CIS licence issued to Resco Funds SICAV plc in respect of one sub-fund.
• CIS licence issued to JW Partners SICAV plc in respect of one sub-fund.
• CIS licence issued to Psi Capital SICAV plc in respect of one sub-fund.
• CIS licence issued to Innocap Fund SICAV plc in respect of two sub-funds.
Investment Services
• Category 2 Licence issued to Culross Global Investment Management Limited.
• Category 2 Licence issued to COMAC Capital (Europe) Limited.
• Category 1A Licence issued to FMG Capital Limited.
Insurance
Authorisation issued to Ocado Cell as a cell of Atlas Insurance PCC Limited.
Authorisation issued to Cafina Assurances Limited to carry on general business of insurance in class 16 – miscellaneous financial loss.
Authorisation issued to St. Julians Insurance Company Limited to carry on general business of insurance in class 12 – general liability.
Authorisation issued to Ortolan Reinsurance Company Limited to carry on business of insurance in 10 classes of general insurance business.
MAX Insurance Brokers Limited has been registered in the brokers register.
MFSA web site: http://www.mfsa.com.mt
Registry web site: http://registry.mfsa.com.mt
Consumer web site: http://mymoneybox.mfsa.com.mt