In response to the Alternative Investment Fund Managers Directive (AIFMD), Cordium has launched a new solution that provides a Malta-domiciled AIFM for a fixed fee of approximately €12,000 per month.
The Cordium Total AIFM Solution (CTAS) provides fund companies with an alternative to becoming an authorized AIFM, and rather than fully outsourcing to an AIFM host, users outsource just the operations to Cordium but retain total ownership.
Cordium says the solution allows firms to save on the time, effort and cost involved in manually setting up a non-U.K. AIFM and applying for AIFM status, and as opposed to an outsourced AIFM-hosting solution, the client can gain potential tax benefits and more control on structure and branding by retaining full ownership.
Through CTAS, Cordium handles regulatory authorization, staffing, payroll, etc., although the manager is still responsible for appointing a local director.
“There is still real debate within some firms as to the best approach to take in dealing with the AIFMD. We believe Cordium’s new Total AIFM Solution fills a big gap in the market and will present an ideal solution for certain categories of manager: for example, U.K. fund managers attracted to the regulatory and tax benefits of establishing an EU AIFM but put off by the hassle involved in setting one up, as well as non-EU managers without a European presence that wish to access EU investors after the Placement Regime ends,” says Joe Vittoria, CEO of Mirabella Financial Services, the wholly-owned subsidiary of Cordium through which the firm offers the CTAS service.
Vittoria notes that the AIFMs are domiciled in Malta at a time when the country has been positioning itself as a hub for AIFMD activity. Professor Joe Bannister, chairman of The Maltese Financial Services Authority (MFSA), adds: “Malta has been at the forefront in the implementation of the AIFMD and has always encouraged innovative approaches in the financial services sector. We welcome Cordium’s expertise as a positive addition to the development of the funds industry in Malta.”
Editor’s note: see the GC Friday Interview with Joe Vittoria for more information on this subject.
Cordium Offers Authorized AIFM Service to Fund Companies
In response to the Alternative Investment Fund Managers Directive (AIFMD), Cordium has launched a new solution that provides a Malta-domiciled AIFM for a fixed fee of approximately €12,000 per month.
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