A survey of senior professionals working in Malta’s financial services sector carried out by Managing Partners Group (MPG), the international asset management group, reveals that 81% of respondents expect the number of people employed by their companies to increase over the next five years – with 19% anticipating a dramatic rise.
However, nearly one in three of those interviewed (32%) expect to see a dramatic increase in people being recruited from outside of Malta to support the country’s fast growing financial services sector. Some 58% of respondents expect a slight increase here.
Malta currently employs around 10,000 people in its financial services industry but the clear majority of those interviewed expect this number to increase. Between now and 2022, 39% of those interviewed anticipate it will rise by up to 5%, and a further 13% anticipate an increase of between 5% and 10%. Some 29% believe it will rise by more than this, and just one in 10 thinks the number will fall.
Jeremy Leach, Chief Executive Officer at MPG, commented: “These findings show the high levels of confidence people working in Malta’s financial services sector have for its future. Indeed, 81% of those we interviewed said that they were optimistic about their company’s future.”
Kenneth Farrugia, Chairman of Finance Malta, commented: “The outcome of this survey is a reflection of the strong confidence of the financial services operators in the industry’s growth going forward, which augurs well for the future of this dynamic and fast growing economic sector.”
Joe Portelli, Chairman of the Malta Stock Exchange, added: “The Maltese economy is one of the fastest growing in Europe, buoyed in part by the growth of the financial industry.
“As more UK companies eye Malta as a Brexit option, we anticipate further job growth within this strategically important sector.”