• M. Panayiotou: Cyprus is now a ripe destination; speed is required in the implementation of important reforms concerning the sector.

The Cyprus Investment Funds Association (CIFA) expresses its satisfaction with the increase in Assets Under Management (AuM) of the Cypriot Investment Funds.

According to the latest data published by the Cyprus Securities and Exchange Commission, at the end of the first quarter of 2024, the total Assets Under Management amounted to €9.1 billion, recording an increase of 6.35% compared to the fourth quarter of 2023. The number of Management Companies and Collective Investment Organizations remained at 328.

Equally important is the fact that a large part of the assets remains invested in significant sectors of the Cypriot economy. Specifically, 26.8% of their assets, or €2.4 billion, are invested in Cyprus. Investment Funds also invest in sectors pivotal to the economy's transition to a more sustainable model, such as Energy, Sustainable Investments, Shipping, and Financial Technology. Investments in these sectors exceeded €1.5 billion.

The president of CIFA, Maria Panayiotou, notes: "The increase in the assets of Investment Funds, after a period of expected and normal decrease, confirms once again that Cyprus has matured as a destination for Investment Funds, following international trends from time to time. We are optimistic about the further development of the sector, as there are strong indications of interest from Investment Funds and Managers. For this interest to flourish, important reforms concerning the sector should be implemented as soon as possible, as international competition is particularly intense."