UK Wealth Services Firm Opens Maltese Office

Rachel Walsh

17 March 2009

Maitland, the UK-based wealth services firm, is opening its thirteenth office in Malta as a result of client demand.

"Since joining the EU in 2004 and the Eurozone in January 2008, Malta has developed rapidly into a sophisticated financial services centre, offering a safe, secure and low-tax environment for high-net-worth individuals and companies,”said Maitland managing director Steve Georgala.

"As Maitland is not jurisdictionally bound, we are in a unique position to offer clients cross-border solutions. Our international private and corporate clients are increasingly identifying the opportunities Malta has to offer, and require sophisticated solutions in this jurisdiction. It therefore makes good business sense to open an office here to satisfy this demand, and advance our strategy for growth."

Services offered will include the formation and administration of Maltese companies and other entities, as well as the provision of directorships, accounting and related services. Maitland is licensed by the Maltese FSA as a trust company and can provide a full range of trustee and fiduciary services.

Maitland further plans to establish a fund services offering in Malta and to provide client relationship services to investment funds administered through its fund services operation in Cape Town.

The office will be headed by Dr Ian Crockford who has recently joined Maitland. Dr Crockford is dual qualified as a Maltese lawyer and as a chartered certified accountant. His experience includes seven years with Deloitte & Touche and four years practising with Maltese law firm Fenech & Fenech.

Drawing on Maitland's cross-border expertise and knowledge of multiple jurisdictions, the Malta team will work closely with the firm's international legal, tax, fund services and asset management experts to provide integrated solutions for its clients.

Malta is increasingly popular as a fund jurisdiction for the incorporation of UCITS funds given the flexible regulatory regime and comparatively low set-up and listing costs, combined with the attractive Maltese tax regime. The UCITS regime is highly favoured by investors, attracting larger funds and Malta is experiencing further growth in this sector, the firm said.

Maitland provides services to both corporate and private clients, particularly family and owner managed businesses, devising and implementing strategies and solutions for the creation, preservation and management of its clients' wealth and commercial success.

The firm has a network of 13 offices across London, Paris, Luxembourg, Malta, Monaco, Dublin, Geneva, Isle of Man, British Virgin Islands, Cayman Islands, Johannesburg, Durban and Cape Town.