18 May 2005

The Web

VFM hosts sales seminar for BOV employees

Valletta Fund Management recently hosted over 60 Bank of Valletta employees, who are involved in the sales and promotion of Valletta Fund Management’s investment funds, to a Quarterly Sales Seminar at Ir-Razzett l-Antik in Qormi. This was the second sales seminar conducted during the Company’s current financial year. The main topics discussed during this seminar included an outlook on both the local and the foreign markets.
In his opening address, Kenneth Farrugia, General Manager of Valletta Fund Management announced that the Company’s funds under management and administration have continued to increase as a result of continued investor interest in both the domestic and international capital markets. Farrugia explained that “Valletta Fund Management provides investors with a wide range of investment solutions aimed at meeting the varied and changing needs of investors. As a result, funds under management and administration as at the end of March 2005 have exceeded Lm253 million. With over 40,000 shareholder accounts across its investment funds, this growth in business was attributable to the commitment to excellence and innovation in product design, high level of customer service, keeping its investors updated with market developments and, very importantly, adhering to one of its main aims, this being delivering fund performance.”
Insight Investment, Valletta Fund Management’s Investment Advisor, were pivotal to the strong performance being delivered to investors. Insight Investment is the investment management arm of the Halifax and Bank of Scotland Group, managing over £79 billion for their clients as at 31 March 2005. Insight Investment is one of the UK’s largest investment managers with expert teams covering the full range of asset types - equities, bonds, property, hedge funds and private equity.
Victor Zammit, an Executive at Bank of Valletta’s Private Wealth Management Unit, also addressed the Seminar. In his presentation, Zammit provided details on the enhanced services provided by the Wealth Management’s relationship managers.
During the seminar, Mark Vella, from Valletta Fund Management’s Marketing Department, also provided in-depth information on the performance of the domestic and international markets as well as on the Company’s domestic and international funds. Vella explained that “interest in the domestic capital market has increased as is evidenced by the level of turnover on the Malta Stock Exchange. This may be attributable to investors’ expectations on the sale of the Government of Malta’s holdings in both Bank of Valletta plc and Maltacom plc, as well as the improved financial performance and outlook for a number of listed companies”. He also added that “despite the strong upturn in the equity market, some companies continue to offer attractive value, including attractive dividends, and as long as companies continue to record improving financial results, investor sentiment should remain positive towards equities.”

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