[ M A R K E T R E V I E W | C Y P R U S ]
In late May , the Cyprus Investment Funds Association ( CIFA ) held its AGM . In his address to the meeting , Cypriot Finance Minister Constantinos Petrides spoke of “ significant leaps forward ” in the sector . Some of the figures cited at the conference are indeed impressive . CIFA president Andreas Yiasemides said the investment fund sector grew by 47.6 % between 2019 and 2021 . “ The fund industry in Cyprus , the origins of which go back to 1990 , is fully developed and has experienced impressive growth in recent years with the adoption of the latest European Regulatory Frameworks , such as UCITS , AIFMD and MiFID ll and the
Financial services have long played an important role in the Cypriot economy . Can funds and fund services sectors take advantage of local talent to grow beyond the demographic constraints of the local market ?
growth of an ecosystem that supports a contemporary European fund centre ,” says Panagiotis Papapetrou , regional industry expert , and GC legend . According to figures from the Cyprus Securities and Exchange Commission ( CySEC ) in the first quarter of this year , total assets under management ( AUM ) reached ¤ 11.1 billion , a fourfold increase since 2016 . The medium-term goal is to increase assets under management to ¤ 25 billion . This is certainly a realistic goal , but it would still leave Cyprus as one of the smaller fund centres in global terms , with Luxembourg and Dublin in Ireland retaining the largest chunk of offshore funds business .
50 Global Custodian Fund Services Annual 2022