Newly established company Abacus Fund Administration Limited is looking forward to building on the success of the Malta fund industry in attracting business as it grows in profile as a well regulated, accessible and cost-effective jurisdiction for the domicile of EU funds, managing director Paul Kneen told guests at the official launch event at the Westin Dragonara resort in St Julian’s.

Guests at the event, held to formally announce the opening of Abacus’ fund administration office at the Tower Business Centre in Swatar, included representatives from local law firms, audit firms and fiduciary and administration firms engaged in fund business in Malta.

Abacus Fund Administration Limited was also represented by regional general manager Mark de Marco, and two senior representatives of the Abacus group Garry Crossan, client service director of Abacus Trust Company Limited, and Martin Heaney, senior operations manager from Abacus Financial Services Limited.

In an address, Malta Financial Services Authority chairman Joe Bannister discussed the work of the regulator in its strategy to ensure a prudent but effective infrastructure is in place to promote the use of Maltese structures.

This has resulted in the attraction of Malta as a domicile for fund administrators and fund managers. Prof. Bannister also commented on regulatory developments which the MFSA is pursuing as new initiatives designed to meet, and stay at the forefront of, the ever-changing needs of the financial services industry.

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