Cyprus Investment Funds at record level

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In the first quarter, assets under management of Collective Investments (UCIs) reached €9.8 bln, the highest historical level to date, recording a significant quarterly increase of 14%, according to Cyprus Securities and Exchange Commission (CySEC) data.

Cyprus Investment Funds Association (CIFA) welcomed the news and said it was “optimistic the growth of the Investment Funds sector in Cyprus in 2021 will be strong”.

“During 2020 and the COVID-19 pandemic, the Investment Fund sector was tested in Cyprus, as well as internationally, and proved to be very resilient.

“We were optimistic that with the gradual normalization of the situation, the sector’s growth rate would intensify, and we are pleased that these forecasts are confirmed,” said CIFA president Andreas Yiasemides on Tuesday.

Out of the 166 UCIs with activities, 123 invest in Cyprus, partially or wholly, with their domestic investments amounting to €2.2 bln (22.8% of total Assets under Management).

“CIFA, in collaboration with Invest Cyprus and other stakeholders, is intensifying its promotional activities to highlight the advantages of Cyprus as a destination for Investment Funds,” said Yiasemides.

He said the recent publication of the Consultation Paper on a proposed draft law regulating the profession of investment fund administrators and providing relevant services is a “particularly positive development”.

CIFA is optimistic that the final bill will be put to the vote in the House of Representatives in the coming months, a “development that will complete the sector’s legislative framework”.