A cost effective way to set
up an investment fund
You focus on what’s important: Your investments, Your Clients
We worry about the rest: Regulations, Compliance, Risk and Operations
2
About Comino Platform
The Comino Umbrella SICAV Platform
As an EU member, Malta has become
is a third party fund sponsor and
a preferred choice for many asset
management company. We offer an
managers seeking to domicile their
efficient and cost effective path to
investment vehicle on shore. We can
launching Professional Investor Funds
afford you the opportunity to join
(PIF’s) through a collective investment
our Comino SICAV platform so you
scheme infrastructure. The Comino
can enjoy the benefits of sharing the
Platform is fully regulated by the
services of our fund management
Malta Financial Services Authority
company, to manage your client’s assets
(MFSA) providing a one-stop shop for
in an affordable and efficient manner.
independent managers.
3
Comino Platform Benefits
Launching your fund in the EU
Launching your fund quickly
- Malta is a regulated and respected onshore jurisdiction;
-We endeavor to have your fund operational
- Increased investor demand for EU domiciled funds;
- We maintain high levels of integrity and professional service;
within 6-12 weeks;
-We expedite the process.
- Our partners are the most respected names in the business.
A cost effective approach
Flexibility
- Low start up costs;
The structure’s flexibility allows for numerous strategies such
-Efficient annual running costs;
as hedge funds, long-only, property and private equity funds.
-Underlying service suppliers offering best rates;
-Maltese funds are not taxed.
4
The Professional Investor Fund
(PIF) Benefits
Minimal investment restrictions provide greater flexibility:
The PIF structure is optimal for:
Compared to UCITS funds PIF’s are more flexible
Asset managers wanting an EU regulated cost and tax
regarding strategies, liquidity, leverage and
efficient fund.
diversification requirements.
Financial advisors that want to convert their model portfolio
PIF’s can invest in nearly an unlimited variety of movable
into a single fund.
and immovable assets, from financial securities and
instruments to assets such as art collections, vintage cars
High net worth individuals who want to convert their
and watches e.t.c.
investments into a single, tax efficient structure.
Up to 100% leverage is permitted.
Family offices and other small institutions wanting their
own fund for auditing, reporting and tax efficiency.
Marketable within the EU and many outside jurisdictions:
PIF’s are on-shore EU regulated investment vehicles
that can be distributed globally.
“The name of your fund does not have to reflect
that it is a sub-fund of the Comino Platform.”
5
The Comino SICAV Umbrella Structure
brella Fund SIC
o Um
AV
n
i
plc
m
o
.
C
Your
Sub-fund (A)
Your
Sub-fund (B)
Your
Sub-fund (C)
Broker
Investors
Investors
Investors
Custody
Advisor
Audit
Legal
Admin
FMG (Malta) Ltd.
The Investment
Manager
Sub-Management
or Sub-Advisory
Agreement
You, the Sub-Manager
or Sub-Advisor
Selected by You
Open Architecture of
Service Providers
6
The Process
We consult with you to understand your needs:
Set-up process:
•We ascertain whether you are regulated by a recognized
•Due diligence is carried out;
jurisdiction. If ‘yes’ you will be engaged as a sub-
•Legal work is conducted;
manager, if ‘not’ you will be appointed a ‘sub-advisor’;
•We certify that agreements are in place with service
•We verify that the investment strategy falls within the PIF
framework;
•We discuss potential service providers available to you.
• We validate the structure;
providers;
•We submit offering documents and liaise with regulatory
authorities;
•You will consult with the Comino SICAV investment
committee.
We review the fund agreement between the Comino
SICAV and yourself:
Process is complete, your fund is approved and ready
•We decide upon the applicable service providers to be
to launch.
utilized and agreed upon fee schedule;
•We discuss duties and obligations of each party;
•The relationship between the parties is formalized and
the set-up process is launched.
7
At a Glance
•We handle the submission of all documentation required by the regulator.
• We manage regulatory and fund administration duties and closely monitor compliance requirements.
• We supervise necessary trade execution and money management issues.
• We allow you to concentrate on what you do best — asset and portfolio management.
• The Comino Platform is entrusted with the day-to-day management of your fund.
Particulars
Set up Cost
From EUR 10,000
Set up Time
6 - 12 weeks
Min Launch AUM
EUR 1,000,000
Min Subscription
EUR 10,000
Fund Structure
SICAV (PIF)
Domicile
Malta
Base Currency
EUR, USD or GBP
Trade Frequency
Daily, weekly, monthly or quarterly
8
Facts About Malta
Fund Sector
Domiciled Funds total: 578
Professional Investor Funds (PIF): 460
Recognised Fund Administrators:
26 (30th September 2012)
Fund Managers: Approx. 70
Regulation & Legislation: Investment
Services Act, Investment Services Rules
Country
Official Name: Republic of Malta
Capital: Valletta
Location: Southern Europe
Population: 416,046 (2010)
Time: 1 hour ahead of GMT
Languages: English ,Maltese
Finance Centre
Contribution to GDP: 12 per cent
Employs: 10,000 people
Banks: 27
Bank Assets: 50 billion euro
Double Taxation Treaties: 62
Regulator: Malta Financial Services
Authority (MFSA), www.mfsa.com.mt
GDP Composition by sector: Agriculture
2%, Industry 23%, Services 75%
Sovereign Rating: BBB+/A-2 (Standard
& Poor’s 2013), A+ (Fitch, 2011)
Accounting Standard: IFRS
Fund/AUM Trends
12
10.3 billion
10
8
6
4
2
0
Economy
Total GDP (EUR) 2010: 6.2 billion
GDP per Capita (EUR) 2010: 14,982
GDP Growth in real terms 2010: 3.7%
5 billion
578
165
2006
No. Funds
Today
AUM
Source: Finance Malta
9
Contact
Comino Platform
Airways House
6th Floor
Gaiety Lane, Sliema
SLM 1549, Malta
Telephone: +356 21314011
Fax: +356 20141203
Email:[email protected]
Website:www.cominoplatform.com
Legal Disclaimer
The information available in this presentation is for information purposes only and is provided in good faith. Whilst every
care has been taken to ensure that the content of this presentation is correct, no responsibility will be accepted for
any errors which it may contain. The information in this presentation may be updated or altered at any time, without
FMG (Malta) Ltd. (“FMG”) having to give prior notice. Opinions or estimates reflect FMG’s judgement at the date of
the issuance of the information, and such opinions and estimates are also subject to change without notice. Neither
this presentation, nor any of the information it contains, constitutes or will form the basis of a representation, contract
or term of any contract. It is essential that before proceeding with any course of action, you take relevant professional
advice, particularly professional advice on individual tax, estate planning, wealth management, exchange control or legal
matters in your country of residence, nationality and/or domicile. Information in the presentation and FMG logos and
trademarks (whether licensed or unlicensed) belong to FMG and may not be copied, reproduced or transmitted without
the prior written consent of FMG. Comino Umbrella Fund SICAV plc is licenced by the Malta Financial Services Authority
as a Professional Investor Fund. The Malta Financial Services Authority has made no assessment or value judgement on
the soundness of the company or on the accuracy or completeness of the statements made, or opinions expressed, in
this presentation.