FundBPO, a specialist third party administrator for the financial services industry and part of the MainstreamBPO, has set up a new office in Malta.

The office opening comes after the firm was granted a recognition certificate from the Malta Financial Services Authority to serve as a fund administrator in the region, which has a net asset value of €10bn in over 500 locally based funds.

The new office in Sliema will manage the group’s fund services in Europe. It will be led by Malta country manager Malcolm St John, who previously worked at Apex Fund Services and HSBC.

“We believe Malta offers an excellent gateway for clients seeking investment solutions for European markets. At the same time our new office represents a significant opportunity to offer cross-border services and “follow-the-sun” workflow to our existing clients out of Malta.” St John said.

The group currently has offices in Australia, Hong Kong, Singapore, US, the Isle of Man and Malta.

FundBPO CEO Martin Smith said: “We are encouraged by the level of interest in Malta as a domicile and processing centre for European funds. Clients are attracted to our unique offering as a listed global fund administrator with A$95 billion in funds under administration.

“Next we will explore ‘passporting’ our Malta fund administration licence to Luxembourg and Dublin to further our reach in Europe.”