The financial services industry is seen as being among the top three sectors likely to experience strong growth among the 53 nations making up the Commonwealth, a survey shows, as leaders meet in Malta for a conference.

Financial services are among the business sectors most likely to grow in the Commonwealth collection of 53 nations but these countries’ regulations need to become more uniform to make such predictions a reality, according to UK-headquartered Managing Partners Group.

MPG based its findings on interviews with 45 institutions in November, finding that 70 per cent of the respondents see the financial service sector as one of the top three areas offering best growth opportunities in the Commonwealth; 65 per cent of them said technology was the best sector, and 50 per cent chose tourism and transport.

The research was issued to coincide with the Commonwealth Business Forum 2015, taking place this week in Malta, which itself is rising in prominence as a financial services jurisdiction (see here). 

The survey also showed that 85 per cent of those interviewed said there must be more commonality in regulatory principles to help facilitate rapid expansion of the financial services sector.

Malta gets a seal of approval from interviewees, with 73 per cent of them saying the Mediterranean jurisdiction is in a “good/strong” or “extremely strong” position to capitalise on this.

MPG focuses on managing alternative asset classes for institutions and sophisticated investors and it has locations in Malta, Spain, Switzerland and the UK; it is recognised by the Cayman Islands Monetary Authority as an asset manager, where it manages a number of collective investment schemes and regulated mutual funds. MPG currently manages funds with a gross value of $500 million.

The Commonwealth is composed of 53 nations, most of which are former British colonies.