Cyprus investment funds are on the rise according to data released by the Central Bank on Tuesday. The total assets of investment funds increased by approximately €700 mn on a quarterly basis, reaching a historically high level. The total assets of investment funds increased at the end of December 2017 to €3.45 bn, compared to €2.74 bn in September 2017, showing an increase of approximately 26%, which is highest level ever recorded. By comparison to 2008 the total assets of investment funds in Cyprus have almost tripled.
The number of investment funds rose to 114 in December 2017 compared to 108 in September 2017 and 55 in 2008. The data showed that the deposits and loans of the investment funds amounted to €220.4 million in December 2017, while their investments in securities stood at €240.3 million, in shares and other related securities at €2.69 billion, in non-financial items at €127.8 million and in other assets at €175.1 million.
These figures show that Cyprus is going in the right direction as larger investment funds with increased assets are registered, which is quite good for the island’s economy. This dynamic increase is expected to continue during this year, as the results from the approval and registration of several investment funds in Cyprus are under way.
The growth is largely due to the fact that Cyprus legislation that is flexible enough compared to other countries, which is an asset especially for fund managers who want to transfer or register an investment fund in a jurisdiction. At the same time, the cost of establishing a specific structure of investment funds is rather low compared to the creation of a similar fund in other jurisdictions. At the same time, Cyprus has a fairly favourable tax regime that also helps the investment funds and their managers build their structure in Cyprus. Conducive to this are the concerted efforts made both by Cyprus International Funds Association (CIFA) and the private sector to promote investment funds in Cyprus.
Educational Programmes for the Funds Industry
One decisive requirement for the success of the sector is to be staffed with qualified professionals. EIMF partners with CIFA and local and global funds experts to provide practical, relevant and flexible courses and certificates, specifically designed for those who work in the funds industry.
All programmes are of short duration and designed for those who are working and studying. Those who participate can benefit from the relevance, range and flexibility of the programmes.
Our upcoming relevant programmes include (click on title for more details)
- Investment Fund Operations & Administration | 27, 28 February
- Asset Securitisation | 5, 6 March
- Institutions for Occupational Retirement Provision (IORP I & II): The EU and Cyprus Directives |12, 13 March
- Fund Administration in Cyprus | 19, 20,21 March
- Understanding the role and responsibilities of the depository under AIF, UCITS and AIFLNPs | 22 March
- Overview of the Cyprus Fund Sector: A legal Operational Approach | 27 March | 5 CPDs
- Institutional Portfolio Management | 19, 20 April
- Fund Administration A to Z | 23 April
- Alternative Investment Funds (AIF), and Undertakings in Collective Investment Transferable Securities (UCITS) | 29, 30 May
- International Certificate in Wealth and Investment Management (ICWIM) by CISI | commences 5 June