Curmi & Partners have sent their right of reply over my article about their “FlexiCash” service. Basically, this is a service and not a product and they are acting as a broker for clients who would like to buy European-government bonds. They are also simultaneously advising their clients to buy European government bonds and the assets are held and managed by Curmi and & Partners.
Basically, this is a service. There is a lot of confusion about local financial practitioners given that they act simultaneously as brokers, financial advisors, venture capitalists, and more (anything is possible).
Right of Reply by Curmi & Partners
We refer to an article appearing on your blog markcamilleri.org, in which you have
mentioned Neville Curmi, and Curmi & Partners Limited, in the context of a new
product, FlexiCash, recently launched by our company.
In this context Curmi & Partners Limited are exercising the right of reply in terms of
article 15 of the Media and Defamation Act (Cap.579 of the Laws of Malta) and formally
request the publication of this letter, with the same prominence given to your original
article, to rectify the inaccuracies contained in your blog and to ensure that the details
published on this blog are accurate and complete. Curmi & Partners Limited believe
that by providing a comprehensive view readers are properly empowered to form their
own judgments.
Since Curmi & Partners Limited are in the business of managing clients assets, we
understand that we, along with other banks and financial advisors/brokers, should be
scrutinised more than normal companies, and that accordingly we are also the object
of criticism. We have absolutely no issue with that, provided that any criticism is
complete and accurate.
The FlexiCash service referred to in your blog invests in Euro-denominated European
government issued Treasury Bills so clients and companies can earn a return on their
cash balances. The current attraction of Treasury Bills is that they are extremely liquid,
considered very safe and offer rates of return which are higher than those of most local
banks.
These treasury bills are considered lower risk than bank deposits, as they are backed by
European Governments, the ratings of which typically vary between single A and AAA.
This product is managed as a bespoke discretionary portfolio service along with other
strategies and is similar to the discretionary portfolio offered by most banks and local
brokers. It is not a fund.
Curmi & Partners Limited is a founder member of the Malta Stock Exchange and is
licensed by the MFSA to provide investment services. These services authorise us to
act as a broker, adviser or manager. All our services are scrutinised by the MFSA with
whom we maintain an open and transparent relationship.
Website Editor
Historian and Publisher
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