The Maltese funds industry continued to grow this year with the approval of 200 new funds and strong interest for more to be established, Finance Minister Tonio Fenech said.

Despite the harsh economic environment, the financial sector’s contribution to GDP grew by 25 per cent in 2010.

Closing a conference on the supervision of funds, Mr Fenech said that along with other areas, particularly insurance and trust services business, the fund servicing sector has been a major contributor to this growth. The Malta Financial Services Authority licensed more than 700 investment funds in the last six to seven years, he said, adding that there was strong interest for more funds to be established in Malta.

“We will continue to promote innovation while remaining vigilant against any practice that might compromise the financial stability of our operators or the interests of investors,” he said.

“This is why we welcome and support all new European initiatives that are aimed at balancing innovation in financial services activity with regular health checks on new financial products coming on stream,” he added.

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