Portcullis launches Maltese AIFMD solution
05 August 2015 Valletta
Image: Shutterstock
Malta-based Portcullis Asset Management is launching as a third-party alternative investment fund manager (AIFM) to help alternative funds in compliance with the Alternative Investment Fund Managers Directive (AIFMD).
Portcullis will assume responsibility for its clients’ AIFMD management functions, and clients will also benefit from the AIFMD marketing passport, allowing them to market shares to professional investors cross-border.
Under the passport, AIFMD reporting is centralised through the Malta Financial Services Authority (MFSA), rather than to the regulators of individual EU member states.
MFSA’s implementation of the AIFMD rules of remuneration means that those sub-investment managers using the Portcullis AIFM will have additional flexibility in setting their own remuneration policies.
Portcullis is also in the process of establishing an EU-regulated umbrella fund to allow the establishment of dedicated sub-funds, managed by a sub-manager or advised by a dedicated investment advisor.
The company has also announced the appointment of a new CEO and board member, David Barry.
Barry joins from TMF Custom House Group where he was head of sales and business development and a member of the executive committee. He has experience of both the EU and US fund industries and is a fellow of the association of chartered and certified accountants.
Joseph Aquilina, chairman of Portcullis, said: “[Barry] brings with him a wealth of experience across the European funds industry making him ideally placed to lead Portcullis and to advise funds on their AIFMD responsibilities.”
Barry added: “I am delighted to join Portcullis and work with the team to advise alternative investment funds of their regulatory responsibilities and facilitate a quick and cost-effective route to market in the EU. Portfolio Managers will be able to focus on running their funds while at Portcullis we will assume the key fund management functions, as stipulated under the AIFMD.”
Portcullis will assume responsibility for its clients’ AIFMD management functions, and clients will also benefit from the AIFMD marketing passport, allowing them to market shares to professional investors cross-border.
Under the passport, AIFMD reporting is centralised through the Malta Financial Services Authority (MFSA), rather than to the regulators of individual EU member states.
MFSA’s implementation of the AIFMD rules of remuneration means that those sub-investment managers using the Portcullis AIFM will have additional flexibility in setting their own remuneration policies.
Portcullis is also in the process of establishing an EU-regulated umbrella fund to allow the establishment of dedicated sub-funds, managed by a sub-manager or advised by a dedicated investment advisor.
The company has also announced the appointment of a new CEO and board member, David Barry.
Barry joins from TMF Custom House Group where he was head of sales and business development and a member of the executive committee. He has experience of both the EU and US fund industries and is a fellow of the association of chartered and certified accountants.
Joseph Aquilina, chairman of Portcullis, said: “[Barry] brings with him a wealth of experience across the European funds industry making him ideally placed to lead Portcullis and to advise funds on their AIFMD responsibilities.”
Barry added: “I am delighted to join Portcullis and work with the team to advise alternative investment funds of their regulatory responsibilities and facilitate a quick and cost-effective route to market in the EU. Portfolio Managers will be able to focus on running their funds while at Portcullis we will assume the key fund management functions, as stipulated under the AIFMD.”
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