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Malta's PIF regime allows the setting up of three different types of PIFs each based on the profile of the participating investors' taking into consideration their overall wealth and investment experience. The regulations governing each type of fund vary and are lighter in case of PIFs which are intended for promotion to more sophisticated investors.
The three PIFs categories are as follows:
• PIFs promoted to Experienced Investors – minimum investment threshold of EUR10,000;
• PIFs promoted to Qualifying Investors – minimum investment threshold of EUR 75,000;
• PIFs promoted to Extraordinary Investors – minimum investment threshold of EUR 750,000.
The emergence of complex rules and regulations such as AIFMD and FATCA means that any new manager with visions of running their own hedge fund business must think carefully about the best route to market.
For managers who wish to market outside of Europe, then all of the current well established jurisdictions are fine. However, should they wish to market within the EU, then the choice becomes more limited. Luxembourg and Dublin do a fine job of regulating funds but they are predominantly retail and tend to be managed by large institutions.
Malta, by contrast, offers a well regulated choice
By Dr Louis de Gabriele (pictured), Camillieri Preziosi Advocates – In recent years, the Maltese jurisdiction has continued to consolidate its reputation as a fund domicile of choice for fund promoters and managers alike. Having emerged as a cost-effective jurisdiction for funds, Malta boasts a comprehensive yet flexible regulatory framework, together with attractive rates of taxation. The Malta Financial Services Authority ("MFSA") has also played a considerable role in the strengthening of Malta's position as a fund domicile, particularly due to its accessibility, responsiveness, and expediency in the processing of applications.
Malta's sophisticated fund sector provides a broad repertoire of structuring solutions; one
Despite Malta introducing a legal framework for securitisation in 2006, the financial crash meant that it was rarely used until around 2012. But there are signs that securitisation is gaining some momentum locally. This is being helped by a dedicated regulated market for wholesale securities, the European Wholesale Securities Market (`EWSM'); a joint venture between the Irish Stock Exchange and Malta Stock Exchange established in 2012 that allows the listing of wholesale-denominated debt securities to trade on an EU-regulated market.
"The revival of securitisation in the EU is now considered to be one of the priorities of the Capital Markets
Dyal Capital Partners, a unit of Neuberger Berman Private Equity, has appointed alternatives industry veteran John Dyment as Head of Dyal's Business Services Platform.
In this position, Dyment will lead the team of professionals dedicated to helping Dyal Capital's strategic partners achieve their unique business objectives. Dyment reports to Michael Rees, Head of Dyal Capital.
Dyal Capital acquires strategic minority equity stakes in institutional alternative investment firms and provides strategic assistance to its partner firms, including institutional client introductions, product development and advice regarding implementing industry best business practices. Dyal Capital Partners was established in 2011 and currently has
Following Malta's implementation of the Alternative Investment Fund Managers Directive (AIFMD), it is possible to set-up Alternative Investment Funds (AIFs) in Malta in accordance with the AIFMD.
Nevertheless, the existing Professional Investor Fund (PIF) regime has been retained in parallel with the AIF Regime, thus enabling de minimis fund managers and third country managers to set up collective investment schemes under the Investment Services Act, regulated by the Investment Services Rules for Professional Investment Funds.
Even though the PIF regime has remained popular with fund managers, fund platform structures have also gained momentum. According to Dr Stefania Grech (pictured), Financial
BHR has closed on its acquisition, alongside its joint venture partner AVIC Auto, of Henniges Automotive, a specialist designer and manufacturer of sealing and anti-vibration solutions for high-end automobiles.
The transaction, valued at around USD600 million, is structured as a joint acquisition by BHR (49 per cent) and AVIC Auto (51 per cent). BHR's investment in the joint venture is funded by its institutional LPs. BHR is confident in the potential for the growth of Henniges under the continued management of its current team with the new backing of AVIC Auto and BHR, who bring on board industrial expertise, as well
Arthur Bell CPAs, a professional services firm dedicated to servicing the alternative investment industry, has formed Arthur Bell Limited based in Ireland to better serve its international clients.
This expansion follows the opening of an Arthur Bell office in Midtown Manhattan, the nexus of New York’s alternative investment industry, just four months ago in May 2015. The formation of Arthur Bell Limited represents a commitment to its clients to deliver more comprehensive service offerings on a global scale.
Arthur F Bell, Jr, Managing Member of Arthur Bell CPAs, says: “We are thrilled to establish a presence in Ireland, one
Malta's financial services industry has been continuously evolving since it joined the EU in 2004. The island has a buoyant banking and insurance sector, a trust and pensions sector, and along with its funds industry, has been growing in the region of 25 per cent per year, based on the MFSA's latest figures.
With respect to setting up funds, the licensing process is very thorough.
"We conduct extensive due diligence on everybody," comments Professor Joseph Bannister, Chairman of the MFSA. "In certain cases, we go a step further and involve security agencies. The first step is not the business plan
FinanceMalta was set up in 2007 to holistically promote the various sectors of Malta's financial industry. FinanceMalta not only focuses on the fund management industry but also covers the insurance sector, trust and foundations sector and wealth management and as Kenneth Farrugia (pictured), Chairman of FinanceMalta confirms: "We are also exploring ways for FinanceMalta to support Islamic Finance and Capital Markets in Malta through various initiatives."
Malta has come a long way as a fund jurisdiction since it joined the EU in 2004. FinanceMalta has played an important role in this regard, and whilst more can always be done from
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