MainstreamBPO, an Australian fund administrator, has secured in principle regulatory approval from the Malta Financial Services Authority (MFSA) to act as a fund administrator in Malta.
The company said it identified Malta for its foray into the European fund servicing space due to the region’s “strong operational infrastructure, available talent pool, established investment management industry and modern regulatory system”.
MainstreamBPO chairman and managing director Byram Johnston said that the new fund services will be a beach head for the company’s Europe business, and will mainly offer UCITS and SICAVs.
The company has also set up offices in London and Dublin, as well as appointed Colin Stott as business development manager.
Stott, who has an experience of over three decades in the industry, will be responsible for managing the region’s business development in the new role.
He earlier offered lead generation and outsourced business development services, mainly aimed at London and Europe’s private equity and alternative investment management industry.
"Europe and the UK are crucial for our ambition of attracting new hedge fund clients, while many of our existing clients in Asia and Australia are increasingly active in the region. With an administration centre in Malta we will be able to service UCITS and SICAV funds for our clients at the same level as Ireland or Luxembourg,” Johnston stated.
Malta is a major domicile of alternative investment funds in the European Union, having a net asset value of €10bn in over 500 locally based funds.
The latest move comes shortly after the company’s opening of its New York office in July 2016, and purchase of New York-based hedge fund administration firm Fundadministration last month.