The Central Bank of Cyprus has released the latest investment funds statistics for the reference month of March 2015, indicating that the total net assets of Cyprus investment funds increased by 23%. Net assets therefore reached €2,537 million for the period, up significantly from €2,068 million in December 2014.
“The latest statistics reveal the trust investors continue to place in the jurisdiction which is able to compete with other, larger jurisdictions,” explains George Martides, Chairman of the CIFA Research and Statistics Committee.
He continues: “Cyprus is becoming a fast-growing investment fund centre in Europe through the prompt response to legislative and regulatory needs and its strong financial services sector which is at the forefront of industry developments.”
Further enhancement of the value offer of the Cyprus Investment Funds Platform is expected as The Cyprus Investment Funds Association (CIFA) has formed a strategic partnership with law firm, King & Wood Mallesons (KWM) to develop the legal and regulatory framework for investment funds in Cyprus.KWM will conduct a comprehensive review of the Cypriot investment funds framework, including corporate tax arrangements and registration laws, to enhance Cyprus’ position as an international jurisdiction for the domiciliation and management of funds.
The findings of the consultative review are expected to be published later in 2015, whereupon KWM will work with CIFA to promote Cyprus as a gateway to Europe for regional fund managers, particularly in Asia.
CIFA was granted observer status by the European Fund and Asset Management Association (EFAMA) in June 2014, following Cyprus’ adoption of the UCITS IV and the AIFMD directives into the country’s national legal system. CIFA President Angelos Gregoriades says: “We are pleased to mandate KWM – as the only global law firm headquartered in Asia – to take Cyprus’ investment funds sector to the next stage of its development. It marks our commitment to the country’s recovery in developing core growth sectors, of which fund management is one. There is huge opportunity for global fund managers from Asia and other regions to use Cyprus as a springboard to the deep markets of Europe.”
For more information please visit the Cyprus Investment Promotion Agency.
