Sparkasse Bank Malta plc has announced the launch of its ‘Depositary Lite’ solutions targeting alternative investment fund managers (AIFM) seeking to promote their non-EU funds within the EU.

The offering is being made available as a standalone service within the bank’s AIFMD suite of services as the bank seeks to expand its offering internationally to EU and non-EU fund managers managing and seeking to market their non-EU funds on a private placement basis within the EU.

* The Depositary Lite regime comes out of Article 36 of the AIFM Directive (conditions for the marketing in member states without a passport of non-EU AIFs managed by an EU AIFM), which states that the AIFM must ensure that an entity is appointed to perform depositary duties to the fund. These duties must be performed by a credit institution and include the provision of bank accounts, cash flow monitoring, safekeeping of assets and oversight duties.

Mr Paul Mifsud (the bank’s CEO) explained that he sees this as a “stepping stone” opportunity to attract further business as it positions both the bank, as well as Malta, well amongst managers who may eventually seek full integration of their funds into the EU.

“The bank is encouraged by the overwhelming response it has received in this regard and is very optimistic,” he added.

Sign up to our free newsletters

Get the best updates straight to your inbox:
Please select at least one mailing list.

You can unsubscribe at any time by clicking the link in the footer of our emails. We use Mailchimp as our marketing platform. By subscribing, you acknowledge that your information will be transferred to Mailchimp for processing.