Member Spotlight – GAEL Fund Services: New addition to Malta’s Growing Fund Administration Hub

From South Africa to Malta – GAEL Fund Services Malta set up on the island to provide fund administration services to its existing South African client base and is looking to connect with other fund managers seeking bespoke solutions. FinanceMalta caught up with Annemarie Borg.

For those that don’t know GAEL Fund Services Malta, can you provide some background on the company?

GAEL Fund Services Malta Limited (“GAEL Malta”) is established under the laws of Malta and is recognised to act as fund administrator by the Malta Financial Services Authority in terms of Article 9A of the Investment Services Act (Chapter 370 of the Laws of Malta).

GAEL Malta is a subsidiary of the GAEL Group (Pty) Ltd (“GAEL Group”), established in Cape Town, South Africa in 2019. GAEL Group acts as a holding company for a financial services provider and other subsidiary companies registered in South Africa.

GAEL Malta tailors its solutions and services based on the specific needs of each client. The experienced team is client-centric and focused on responsive service delivery. The core administration services include Cash Management, Transfer Agency, Fund Accounting, Annual Financial Statements preparation, Audit Liaison, Regulatory and Reporting services, and Money Laundering Reporting Officer services.

Can you share a little-known fact about GAEL?

GAEL Malta is a new company, but all the employees in the GAEL Group have a track record and experience working in the fund administration industry in South Africa and Malta. Being a small team, the contribution of each staff member is seen as critical to the overall success of the business.

What are you currently working on and what are your company’s plans and strategic priorities for the coming years?

The company will initially target its existing South African client base who have an interest in setting up a foreign/ non-South African fund structure in Malta, British Virgin Islands, Cayman, or Mauritius as well as offering administration services to the client base with existing funds in these locations where a business relationship has been in place previously.

The plan is therefore to continue providing the option to South African regulated fund managers to diversify their current fund offerings, but for the administration to be conducted by GAEL Malta. This provides the opportunity for clients to be presented with a seamless administration offering by contracting for administration services with subsidiary companies within the same group of companies.

Are there any projects/achievements of your company that you are exceptionally proud of ?

Setting up the business in Malta and acquiring the Licence to operate, amidst the global pandemic.

What, in your opinion, makes Malta an effective jurisdiction to set up a business?

The fiscally attractive framework, the fact that Malta is part of the European Union, has a strong legal system, and adheres to the EU Regulations are all big pluses. The fluent use of the English Language makes it easier for foreigners to set up business in Malta. In addition, the cost to obtain a licence to operate a business in Malta is one of the lowest of the European Union.

What kind of people/companies in the financial services community would you want to connect with?

We would like to connect with Fund Managers who are seeking bespoke fund administration solutions and responsive service delivery.

Bio:

Annemarie Borg is the Money Laundering Reporting Officer (“MLRO”) and Executive Director of GAEL Malta. Ms Borg has a keen interest in anti-money laundering, Data Protection Law and fund administration and completed various courses and certificates to further her knowledge while working in the fund administration industry. She plays a key role in the business by ensuring responsive service delivery and managing the total output of the business.