Malta pulls down its fortress to welcome a host of investors and fund managers

Malta may have earned its name in the 16th century as a fortress against Ottoman attackers, but it is now welcoming foreigners, including an increasing number of fund managers. At the end of 2004, Malta had 364 collective investment schemes: 60 locally based; 66 based overseas; and 238 marketed in Malta under the terms of the Ucits Directive. Sixty non-Ucits funds were registered in Malta, a total that includes hedge funds. Kevin Valenzia, chairman of finance Malta, notes most hedge managers with Malta-domiciled hedge funds so far have migrated their funds from other jurisdictions, rathe...