According to the Cyprus Investment Funds Association (CIFA), AUM in the Mediterranean island nation has reached its highest level to date. India recently made Cyprus’ funds available in the country. Cyprus also has plans to attract Indian fund managers who want access to the European Union.
Cyprus’ approach to growing the nation’s funds sector is “one fund or manager at a time”. Although it has a small sector compared to countries like Ireland and Luxembourg, Cyprus has, according to a spokesperson referencing an industry body Efma statement, the highest growth rates in Europe over the previous couple of years.
CIFAS president, Andreas Yiasemides, remarked: “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 normalisation of the situation the sector’s growth rate would intensify and we are pleased that these forecasts are confirmed.”
Per quarter, AUM increased 14%.