Presitige Gets AIFMD Approval for Maltese SICAV

Jul 2 2015 | 12:58pm ET

Prestige Capital Management has announced granting of an AIFMD license for its Malta-based SICAV by the Maltese Financial Services Authority.

The license allows Prestige, a Malta-based investment management company, to grow both its existing SICAV as well as manage additional structures in Malta and elsewhere in the European Union, due to the “passporting” benefits available under the AIFM Directive in the European Union.  

“We are very excited to have been licensed by the MFSA as an alternative investment fund manager under the Directive,” noted Iain Fulton, COO of Prestige Capital Management Limited (Malta). “Much has been written about the AIFMD over the past few years, and we believe the benefits of full authorization far outweigh those of opting not to register. Maltese structures like this represent a viable regulated alternative to Ireland and Luxembourg.” 

Prestige founder Craig Reeves added, “We chose to open a business and office in Malta because we could see the country held exciting long term prospects as a distribution hub for fund managers interested in EU passporting opportunities. Investment managers and their legal advisors are increasingly looking to Malta as a prospective domicile. Additionally, investors are increasingly expecting greater governance, compliance and oversight.” 

Malta is a member state within the EU, and it has gathered interest among funds and investment groups interested in both offering and investing in regulated UCITS products. The island nation has rapidly developed the regulatory framework to support such structures and now competes with Luxembourg and Ireland as a domicile for UCITS funds and their SICAV cousins. A surprisingly robust service provider industry has grown up around the development, supporting fund management operations and regulatory frameworks.  

Founded in 2011, Prestige currently provides a central investment management, risk management and accounting function for the Malta based SICAV and also provides various non-regulated administration based services to affiliated Prestige companies.

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