Calamatta Cuschieri’s wealth management portfolio surpasses €600 million in assets 

Over the past decade, Malta’s wealth management landscape has undergone a quiet but significant transformation, marked by the emergence of a more sophisticated and better-informed investor class. “Initially, many clients used to be hesitant to delegate the management of their portfolios, but today, more investors recognise the value of having a dedicated wealth management team that can respond swiftly and strategically to market developments,” says NICK CALAMATTA, Co-CEO of CALAMATTA CUSCHIERI. 

The rise of high-net-worth individuals in Malta

“In the past ten years, we’ve seen a substantial rise in high-net-worth clients, both Maltese and foreign, many of whom are either residents or operate businesses in Malta. Many of them have experienced liquidity events from property sales, while others are entrepreneurs drawing increased dividends from their businesses,” says Mr Calamatta.  

He also points to the growing number of mergers and acquisitions, particularly in technology and traditional services sectors, as catalysts for new wealth seeking strategic investment opportunities. 

With two decades of experience in the industry, Nick has witnessed profound shifts in investor behaviour.  

A new Era of investor sophistication

“When I first started my career, local clients were generally reluctant to delegate portfolio management, but that has changed. Today, many investors recognise the value of a dedicated wealth management team that can respond swiftly to changing market conditions.”  

“As a result, the growing sophistication of Malta’s investor base is now closely aligned with broader European trends, and as clients became more informed about global economic dynamics and different asset classes, demand has grown for strategies beyond the traditional investments and into areas such as private equity, private debt, and alternative investment avenues.” 

Global trends confirm local behaviour shifts

This sophistication is part of a wider global pattern. According to the Avaloq Wealth Insights 2024 report, 62% of investors now prefer a self-directed approach, with 36% adopting more aggressive strategies.  

Asked how Calamatta Cuschieri is responding to these shifts, Nick highlighted the importance of adaptability and flexibility. 

“At Calamatta Cuschieri, through our digital arm Moneybase, we’ve invested heavily in building an ecosystem that caters to all types of investors. Through our platform, clients can self-direct their portfolios – buying equities, ETFs, or bonds, whether they’re managing a few thousand euros or millions. Simultaneously, our discretionary services allow clients to set broad parameters while our team manages the day-to-day portfolio decisions.” 

Currently managing approximately €650 million in assets, the wealth management team offers another option for those who want more engagement: a tailored service involving close collaboration with a dedicated private client manager.  

“Some clients want to be more involved in strategy and trade execution. Others prefer to hand it all over. We make space for both.” 

At the core of the firm’s bespoke wealth management is a deep understanding of each client’s overall financial picture.  

“We begin by evaluating the full composition of their wealth – liquid assets, property, company shares, and how this intersects with their personal goals and life stage. Then, we assess their risk profile and investment expectations. It’s a process that often unfolds over several meetings.”  

Clients are never pressured to engage beyond their comfort level. Many choose to delegate investment decisions entirely to the firm. For those who prefer greater control, the firm integrates precise instructions into their strategies by limiting exposure to certain sectors, currencies, or even specific companies. 

“We’ve seen a clear increase in equity ownership, something local investors were slower to embrace compared to their European counterparts. At the same time, property continues to dominate local wealth composition. That’s not necessarily a bad thing, considering how the local real estate has performed and the limited space on the island. However, many clients are also divesting, either to free up liquidity or for estate planning.” 

Mr Calamatta points out a major demographic shift reshaping the wealth management landscape: generational wealth transfer. As baby boomers pass down assets to Gen X and millennials, wealth managers must cater to a new set of expectations, particularly around sustainability and digital innovation. 

“We are always monitoring global trends and local shifts. ESG had a moment of intense interest, especially with regulatory backing, but we’ve seen a cooling-off in that space. Investors are still concerned with ethics and sustainability, but perhaps in a more nuanced way now. Digital assets, on the other hand, are increasingly being regulated across Europe. The introduction of EU-wide frameworks similar to MiFID gives us hope for more mainstream, protected adoption.” 

Given Calamatta Cuschieri’s roots as a family-founded firm, does that heritage help build trust with multi-generational clients?  

There is no doubt that Calamatta Cuschieri’s deep roots in providing honest and unbiased investment advice since the 1970s have earned us an excellent reputation in the market. Calamatta Cuschieri has never been a sales-oriented firm and has grown organically by helping people grow their wealth in an honest and transparent way. This is something that has been recognised locally across generations. Acting with utmost integrity and in the best interests of the clients is fundamental when it comes to trust; however, what also matters is governance. We happen to be second-generation CEOs, but the group operates through multiple arms, each with its management team. What also builds trust is consistent governance, compliance, risk management, and professionalism across all departments, from IT to finance to wealth advisory.” 

What is the role of technology in the transformation of wealth management? 

“We’ve embedded Moneybase into our wealth management service. Our clients can view real-time data, switch between self-directed and managed accounts, download reports, make payments, and use their Moneybase Mastercard – all within one ecosystem. That kind of seamless digital experience is essential today.” 

Asked what makes wealth management effective for today’s high-net-worth clients, Nick highlights risk management, disciplined research, proprietary valuation models, and timely decisions.  

“But none of that matters if clients don’t trust you. That trust is built through transparency, fair pricing, consistent communication, and delivering on your promise to protect and grow their wealth.” 

Disclaimer: This public relations campaign was approved for issue by Calamatta Cuschieri Investment Services Limited (CCIS), C13729, which is licensed by the MFSA to undertake investment services business under the Investment Services Act, Cap 370. CCIS’ registered address is at Level 0, Ewropa Business Centre, Dun Karm Street, Birkirkara, BKR 9034, Malta. The value of your investments may go down as well as up.