The Cyprus Investment Funds Association welcomes the decision of the global mogul, MUFG Investor Services, to establish a European base in the country.
MUFG, the global asset servicing arm of Mitsubishi UFJ Financial Group, announced the expansion of its franchise via the establishment of a new operational centre in Limassol.
It said the new office provides the key infrastructure necessary to support MUFG Investor Services’ rapid growth across Europe.
“This decision constitutes a vote of confidence for the Investment Funds sector and the Cypriot economy at large, during an unprecedented time governed by enormous uncertainty,” said CIFA.
“MUFG Investor Services’ decision is tangible proof that Cyprus is now a recognised destination for collective investments and international groups that provide similar services.”
It is optimistic that more companies providing specialised services to investment funds and administrators will set up offices in Cyprus to build a complete ecosystem around the sector gradually.
“Such developments enhance Cyprus’ name as a professional services centre and a stable and competitive regional hub for investment-and other international companies.”
CIFA’s president, Andreas Yiasemides, said: “This is a process going on for several months.
“We concluded dozens of meetings with MUFG executives, providing them with the information they needed and analysing facts and advantages regarding Cyprus being an ideal destination for their business needs.
“They are indeed convinced of the very high level of services provided, and of the general stability of the Cypriot economy, but also of the low cost of establishment and operation compared to other destinations”,
The expansion of MUFG in Cyprus empowers the effort to penetrate the huge Asian market.
This market presents significant prospects for attracting investment funds interested in the European market.
New specialised jobs will be created, and many benefits for the sectors that provide support services will certainly arise, argued CIFA.
Since 2019, MUFG Investor Services has regularly reviewed its geographic footprint, focusing on strategically locating operational centres with high-quality infrastructure and readily available talent pools.
MUFG provides asset servicing solutions to clients globally, leveraging the financial and intellectual capital of Mitsubishi UFJ Financial Group – one of the largest banks in the world with $3.2 trillion in assets.