Cordium, a global compliance consulting and software provider to the financial services industry, has acquired Zodiac Advisory Services, a provider of compliance, risk, accounting and governance services for the investment management industry in Malta.

The acquisition is Cordium’s third in as many months, following the purchases of The Sigma Partnership and HedgeStart in December 2013 and January 2014 respectively.

A Maltese subsidiary for Cordium will enable its UK-based regulatory hosting and risk management subsidiary, Mirabella Financial Services, to offer hosted solutions to non-EU firms. Founded in 2009 by CEO Adam de Domenico, Zodiac supports fund management firms as well as fund entities. Staff and management at Zodiac will remain with the company in their current roles to accelerate its growth under the Cordium banner, with de Domenico continuing in his role as CEO, supported by David Galea Souchet as COO.

Michel van Leeuwen, group CEO of Cordium, said: “While the impact of AIFMD has been much-discussed within Europe, it has understandably drawn less attention elsewhere. Yet the regulation carries significant consequences for non-European alternative investment firms looking to access the lucrative European market. A Maltese base will enable us to offer a suitable solution – AIFM-hosting – to this conundrum facing non-EU firms.”

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