17 - 23 February 2000

Globe set to substantially expand in 2000

by Anthony Manduca

The Globe Organisation is planning to expand its workforce to 73 this year, according to Globe chairman Chris Pace who was speaking during the official opening of the company's new premises last week.

Mr Pace told The Malta Business Weekly that a number of strategic partners have already expressed their interest to enter into business ventures with Globe Organisation in order to penetrate new international markets in the Mediterranean region.

Globe is the official representative of Barclays Funds in Europe and the Malta Financial Services Centre has recently registered a further 24 Barclays Funds with a total Net Asset Value of US$3.6bn.

Mr Pace said that the opportunities created after the enactment in 1994 of the whole package of financial services legislation prompted Globe to seek an alliance with Barclays to distribute their range of investment funds locally.

"Our partnership, as everyone knows, has been a big success both for the two partners, Barclays and Globe, and also, and perhaps more importantly, for Malta. Investors based in Malta, both Maltese and foreign, now have direct and timely access to the whole range of financial products," he said.

Mr Pace said that Globe was pleased to have been instrumental in encouraging Barclays to participate further in Malta. "Our partners were the first foreign financial institution to list funds on the Malta Stock Exchange and, more recently, the first to establish a representative office under the Banking Act.

"Here I wish to thank all the directors of Barclays Offshore Services and Barclays International Funds in particular John Church, David Cariseo and Bob Bashford for their continued support. I must also thank Richard Wallace who, as the Barclays Representative in Malta, has ensured that the already vibrant relationship between Barclays and Globe continues from strength to strength. I believe that it can be taken as given that the Eagle has returned to the nest, once and for all," he said.

Mr Pace said that from statistics recently released by the Malta

Financial Services Centre on the employment trends within the financial services sector in 1999 it emerges that Globe Organisation contributed towards 14 per cent of the total new jobs created in 1999 in this sector.

"We are proud of this achievement and we are, in very tangible terms, contributing to creating new job opportunities for graduates. Of course, we do not stop there: we provide full and progressive training to our staff both locally as well as overseas.

"Conscious of the enormous strides that information technology takes on a monthly, if not hourly, basis, the Globe Organisation has invested heavily in this area, especially over the last year. We are now able to provide our clients with real time data and information to assist the advisor and the investor in

making the appropriate strategic and tactical decisions as and when necessary," he said.

Mr Pace said that last year Globe expanded its branch network by opening new and fully equipped branches in Merchants Street in Valletta and the Arkadia Complex in Gozo. "Over the past years, it has become clear from our own experience that to grow, an organisation has to exploit all its strengths and grasp business opportunities the moment they present themselves. No organisation can maintain in-house all the human and technological skills and resources that this outlook on life demands, and we actively and continuously continue to seek new partners, locally and internationally, to forge new alliances and continue to contribute to the growth of Malta's financial sector, for the benefit of us all," he said.

Among those present for the official opening of Globe's new premises were John Keffer, Marc Keffer and Bert Lewis from Forum Financial Group - a large US based fund management corporation; Toby Webb and Neil Parsons from Aberdeen Asset Management Ltd; and John Summers from HSBC Investment Management Ltd in London. Mr Pace said: "We are indeed pleased to have them here today with us on this occasion. They are already in some way involved in, or plan to be part of Globe's future expansion plans. You will all have seen these alliances springing up in the States and all around Europe and we believe that it is only through such strategic partnerships that we can be part of the globalisation of the financial market place."

Mr Pace said that on the local front, Globe successfully established a business alliance with Valletta Fund Management - a subsidiary of Bank of Valletta plc. In 1998, the Global Bond Fund Plus was launched as a sub-fund of the Global Funds SICAV.

"The success of this fund and the direction being given by government on its privatisation plans has enc-ouraged us to launch the Malta Privatisation and Equity Fund in December 1999. It has been well received. Globe Organisation welcomes the government's plans on privatisation as described in the White Paper. We are excited to be in a position to help ensure the success of these up-coming issues," Mr Pace said.