Lack of choice of custodian slows Malta’s progress as a European fund jurisdiction
With only a couple internationally recognised custodians operating in Malta, the regulator is keen to attract more competition before European Union legislation hits the statue books.
The Maltese regulator is actively encouraging more custodians to set up in the jurisdiction. The Malta Financial Services Authority (MFSA) believes not only is there a market for Malta-based Ucits products but believes the alternative investment fund managers (AIFM) directive will drive demand. HSBC and Deutsche Bank are the main global custodians, while Austrian bank Sparkasse tends to concentrate on the smaller end of the scale. Bank of Valletta is in partnership with JP Morgan and acts as a
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