Malta
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Custom House Global Fund Services Limited (Parent Company) Dermot S. L. Butler, Chairman Mark Hedderman, CEO, Kevin Caruana, General Manager, Tigne Towers | Tigne Street | Sliema SLM 3172 | Malta T |
Office Profile
Malta became a member of the European Union in 2004 and established its financial services authority, the MFSA, in 2002. The stated goal of the MFSA is the 'development of a dynamic framework that enables the industry to develop new products and services within a sound regulatory environment compliant with international standards'. Indeed, in 2010 Matla was ranked 13th out of 133 countries for the sophistication of its financial markets by the World Economic Forum's Global Competetive Index. Under the stewardship of Professor Joe Bannister, the MFSA has created the framework for the establishment of a financial services sector that offered a location wthin EU borders with a competetive cost structure, a highly trained, English speaking workforce and a pro-business regulator.
By 2008, Custom House had become an international firm with offices in Chicago, Dublin and Singapore and with the impending merger with what is now TMF, there was a requirement for a corporate restructure. At that point, we were already the largest administrator of Maltese funds, so the timing was right to establish ‘Custom House Global Fund Services Ltd.’ and open our Malta office, which would, in turn, act as the global parent company for all Custom House offices. Malta then became the lead regulator for the Group and Custom House was authorised under a Category 4 License as a Custodian for Funds of Funds and recognised as a hedge fund administrator by the MFSA.