FinanceMalta chairman Kenneth Farrugia receives the coveted award of Europe’s favoured domicile in the Hedge Fund Service Provider rankings 2013 by Hedge Funds Review, the leading magazine for the alternative investment industry.

For the first time, Malta has won the coveted award of Europe’s favoured domicile in the Hedge Fund Service Provider rankings 2013.

Hedge Funds Review, the leading publication for the alternative investment industry, voted to lift Malta from its third position in 2012 to first place this year.

Voting in the survey was conducted online between August 27 and October 14. Eligible to vote were individuals from single-manager hedge funds or FoHF organisations and investors, such as family offices, pension funds, sovereign wealth funds, insurance companies and asset allocators underlining Malta’s popularity with a broad range of hedge fund formats and professionals.

Financial services already account for at least 12 per cent of Malta’s GDP and are worth well in excess of €1 billion in direct and indirect revenue, employing some 10,000 people.

“I am very pleased that Malta’s value proposition as a European Fund Domicile has been recognised through this award as conferred by Hedge Funds Review. Malta’s ranking as the most favourite European Fund Domicile is, in essence, a reflection of the critical success factors that have underpinned our value proposition over the past years, primarily driven by the presence of a steadfast legal and regulatory framework, an accessible and pro-business regulatory body, a highly developed operational infrastructure and above all the presence of a ‘can-do’ mindset in the industry,” FinanceMalta’s chairman Kenneth Farrugia said.

“Despite this laudable award, sustaining our competitiveness is in my view a journey and going forward can only be achieved by continuously measuring our responsiveness to the needs and wants of our clients, and more so measuring the quality of service that is being delivered to Malta’s various international client base through stakeholder surveys.

“This will ensure that the sector constantly remains client-centric, avoiding the common pitfall of successful jurisdictions in becoming victims of their own success.”