Over the years, Malta has chosen the best path with regard to financial services. It moved from being an offshore centre to an onshore one, and made a very good job of diversifying its offer – that it has now developed and is getting noticed worldwide.

With HSBC’s international status, any time Chris Bond (HSBC Malta’s Head of Global Banking & Markets) goes abroad, he presents the Malta story and the results are showing; they are now becoming self-evident.

One could say that HSBC worldwide acts as a special ambassador for Malta and its financial services sector.

HSBC’s wide international network also provides a living, good advert for Malta’s financial services advantages – Malta is well-regulated, its people in financial services are highly-skilled and also very smart. The results are there for all to see – there are already some 400 funds registered in Malta – 41 registered in the first half of this year – 25 banks and 16 fund administrators.

Malta’s financial services legislation, updated to EU standards, has been boosted by Malta’s accession to the EU in 2004, and to the eurozone in 2008.

Despite the international crisis, Malta continues to significantly invest in its people up to world standard especially in financial services. Through its international network and presence in so many countries, HSBC can continue to help Malta ‘move the needle’. “We are already seeing this happen,” Mr Bond said.

Malta recently featured in an international survey. London-based International Fund Investment magazine carried out a survey on Mediterranean fund domiciles, featuring mostly Malta, Gibraltar and Cyprus.

It questioned 70 hedge funds managed in London and some big international investors considering Mediterranean fund domiciles.

It found that 62 per cent of those surveyed said they intended to, or have already, redomiciled to Europe. Three main centres were mentioned: Dublin, Luxembourg and Malta.

Asking fund managers about their intentions, it found that 22 per cent are likely to redomicile or considering doing so.

Asked which country they would want to redomicile to, obviously Switzerland came first but Malta came in at Number 2. At HSBC, Mr Bond sees his people excited by this turn of events, which is happening at a time of crisis. There is a natural evolution, from the redomiciliation of funds because regulations facilitated it without a change in the service provider, to the redomiciled funds generating back office work for financial services providers. The third stage is the physical relocation of these investment funds to Malta – there are now over 40 physically present here.

For HSBC these are exciting times as the bank’s international connections, as well as its presence in Malta, accelerates this trend and builds on it.

HSBC is the only global custodian in Malta and its network offers customers access to ‘best in class’ services around the world.

The quality of regulation at HSBC is top-notch, well tested the world over in very different environments. That cannot be obtained elsewhere.

HSBC wants to push Malta further up the ladder: it wants to position Malta as the ideal location for fund domiciling, regulation and presence. It also looks to promote Malta as a very secure location for funds and also as an ideal location for fund servicing. For its part, HSBC Malta can offer those who come here a wide range of the services they need, from trade advice to asset management, global contacts and fund administration.

HSBC Malta has been investing to be able to offer such clients the first-class staff and services they require, and as any fund manager in the world expects to find. Malta is, after all, competing on the world stage.

HSBC Malta has been recruiting people with an international mindset. At HSBC staff have a tremendous opportunity to acquire the international mindset through the many short-term training opportunities abroad at offices with similar regulatory frameworks, such as in London or Luxembourg. And there will be even more opportunities in the future.

HSBC Malta is also offering longer-term assignments, such as that which led Adrian Mallia to relocate to Luxembourg to learn fund counselling for two or three years. Mr Mallia will thus become an expert in the fund industry and when he returns he will provide the bank with invaluable expertise and experience.

At the same time, HSBC Malta is also attracting back to Malta people who have worked at very high levels in fund management internationally. One such recent recruit is Conrad Camilleri, who studied at a university abroad then worked in a blue chip bank in London, specialising in hedge fund management. Mr Camilleri has now joined the HSBC Malta specialised team.