Insight Investment, one of the UK's largest asset management companies, is the new strategic partner of Valletta Fund Management, Bank of Valletta's fund management arm. This was announced last week by VFM chairman Joseph F.X. Zahra and Mark Connolly, managing director, Institutional Business Insight Investment, during the official signing of the agreement.
This new strategic collaboration follows the successful experience with RAM, who has been VFM's strategic partner since the inception of the company in 1995. Since then, with its launch with management of just two funds, Valletta Fund Management has grown into Malta's leading fund management company with 23 proprietary funds denominated in sterling, euro, US dollars and Maltese liri, the administration of 21 funds for third parties and with over $386 million under management as at last January.
Rothschild Asset Management, Rothschild Group's retail and institutional asset management business, with assets under management of £56.8 billion, was acquired by Insight Investment for £61 million.
Insight Investment is the investment division of the Halifax and Bank of Scotland (HBOS). HBOS, one of the leading financial services companies in the UK, is on the FTSE 100 Index and is the fifth largest bank in the UK with assets exceeding £312 billion, represented by over 20 million customers.
In the UK, it is the number one bank in mortgages and savings, with £126 billion in customer mortgages and £102 billion of customer savings. HBOS also accounts for 22% of all new bank accounts and 25% of all new cards in the UK.
Addressing the media, Mr Zahra expressed his satisfaction at the successful conclusion of talks with a large financial institution such as HBOS. "Our association with HBOS is in line with Valletta Fund Management's internationalisation programme that is seeking to establish a network of financial intermediaries in the Mediterranean and the Gulf regions. Therefore, having an international partner with a renowned name internationally will act as a platform overseas."
"Insight is one of the largest asset management companies in the UK with over £60 billion under management and has achieved a large number of awards by Standard & Poor's, Reuters, Citywire and Lipper, among others. Therefore our choice to strike this new strategic collaboration was a natural one," Mr Zahra added.
In his address, Mr Connolly re-affirmed that "with the acquisition of Rothschild Asset Management, Insight Investment is accelerating its strategic aims to become a world class provider of investment solutions to provide growth in shareholder value.
"Its aims are to become a UK based world class provider of investment solutions which delivers growth in shareholders value. No efforts are being spared in order to create a quality investment brand that enhances the ability of group companies to sell products."