Investment boutique J Stern & Co has opened an office in Malta in response to the end of the ‘passporting’ scheme linking British and EU financial regulations.
In January 2021, the marketing passport scheme, which had previously enabled firms authorised in any EU or EEA state to trade freely in any other with minimal additional authorisation, ended with the UK as a consequence of Brexit.
Stern’s Malta office has been established to promote its services directly to EU citizens, as the firm had done before Brexit.
Jérôme Stern, managing partner, said: “As much as 30% of our business emanates from EU clients at this time, with many clients operating single managed accounts.
“However, we are barely scratching the surface and observe huge opportunities to support high-net-worth individuals, families, entrepreneurs, and fund buyers alike – creating value for the longer term within an accepted EU regulatory framework. We have therefore moved swiftly to establish an office within the Union, reinforcing our European credentials and creating a platform for continuing growth.”
J Stern currently has offices in London and Zurich.
The new office is part of the firm’s strategy to expand into the local Maltese market and distribute across Europe.
The firm also intends for the Malta operation to become a distributor of its Luxembourg domiciled funds, with an application presently before the Commission de Surveillance du Secteur Financier.
The Malta office will be comprised of six people and headed by Steve Cubitt, a partner and director at J Stern. It will be located in the town of Ta’ Xbiex.
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