Investment partnership J. Stern & Co has opened a new office in Malta as part of its growth plans to support high-net-worth individuals, entrepreneurs, families, and institutions across Europe.
Stern, which has offices in London and Zurich, said in a statement on 10 August that it expects new investors across the main European markets, as well local Maltese investors, to come on board later in the year.
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 (CSSF).
The Malta office - located on Sir Augustus Bartolo Street in the town of Ta' Xbiex - will see Stern promoting its services direct to EU citizens once again, after the marketing passport scheme disappeared in January 2021 as a consequence of the UK's decision to leave the EU.
The six-strong Malta team will be headed by Steve Cubitt, Partner, and Director at J. Stern & Co. Cubitt, who will lead on Risk and head the operation's dedicated Risk Committee, joined Stern in 2015.
He will sit on the board of the new operating company alongside Zurich-based Felicity Keller, managing director of J. Stern & Co (Switzerland) AG, and Malta-based entrepreneur, David Butler, founder of Kinetic Partners, and Green Day Advisors. Butler is appointed as a non-executive director.
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 & Co. provides investment management and private office services to the Stern family and other families, entrepreneurs, trusts, charities and other long-term investors.
