Cyprus investment fund assets nearly double y-o-y

Investment funds (IFs) in Cyprus have increased over time, the Central Bank of Cyprus said in its first quarterly statistics on the sector, with their assets nearly double in March this year from the same month last year.
“The importance of the sector in the Cyprus economy has increased over time, with the number of IFs rising to 77 in March 2014 from 55 in December 2008 and their total assets increasing from €1,275.2 mln in December 2008 to €2,160.3 mln in March 2013 and €3,076.1 mln in March 2014”, the central bank said.
According to the data, IF assets in March 2014 comprised €430.7 mln of deposits / loans, €35.1 mln of securities other than shares, €2,39 bln shares and other equities, €116.7 mln in non financial assets, including fixed assets and €96 mln in other assets including financial derivatives.
IFs loans came to €231.8 mln in March 2014 compared to €314.1 mln in March 2013.