[ M A R K E T R E V I E W | C Y P R U S ]
“ We compared the list of advantages and disadvantages offered by each jurisdiction and Cyprus was the clear choice .”
YANNIS MATSIS , MANAGING DIRECTOR , HEAD OF CYPRUS , MUFG INVESTOR SERVICES
This may constrain the ability of the Cyprus funds and services sectors to attract large global players to establish a local presence . It does not , however , mean such services are lacking . “ Cyprus has a scale issue that certainly prevents global custodian banks from planning to set up in the market ,” Papapetrou acknowledges . “ On the other hand , existing local and foreign banks , whether branches or subsidiaries , are offering the full gamut of professional securities services to local institutional investors while international fund platforms , including Clearstream , Refinitiv and Bloomberg , began listing Cyprus funds in 2018 and 2019 , which makes them visible and easily accessible to global asset managers and fund professionals .” For some international providers , the size of the local potential client base is not necessarily a drawback . Earlier this year , MUFG Investor Services , the global assetservicing arm of Mitsubishi UFJ Financial Group appointed industry veteran Yannis Matsis , former CEO of Hellenic Bank , one of the island ’ s two main banking groups , as managing director and head of its new European operational centre in Limassol . “ There is a deep pool of high-quality talent that we can hire . Additionally , no other global [ fund admin ] firm , except us , have established a base here ," says Matsis . " This makes us an employer of choice on the island for young professionals .” In the case of MUFG , Matsis identifies several additional advantages offered by Cyprus as a jurisdiction for its offices .
Fund Services Annual 2022 globalcustodian . com 51