Deborah Schembri, managing director of STM Malta Pension Services Limited, has resigned from her role, International Adviser can reveal.
A spokesperson for the company told IA that Schembri “has decided to move on to pursue other professional challenges”.
“During almost a decade with STM, she has played a pivotal role in the continued success of STM Malta and made significant contributions to STM Group’s leadership team,” they added.
“We offer our profound thanks and gratitude to Deborah and wish her every success in her future endeavours.”
STM confirmed Andrew Gardner will take over as interim managing director.
Schembri’s resignation comes two months after STM Malta Trust Company – now STM Malta Pension Services – lost two appeals and was ordered to compensate two former clients of Continental Wealth Management (CWM).
This was attributed to the fact that CWM was the clients’ investment adviser and it instructed STM – and for some other clients Momentum Pensions Malta – to make investments on behalf of its customers.
But those investments heavily featured structured notes and resulted in considerable losses for the CWM clients.