On November 2, fund managers met in London as the Cyprus Investment Funds Association (CIFA) presented possibilities to use Cyprus’ financial services infrastructure. CIFA positioned itself as potential strategic partner to the UK funds industry due to uncertainty over UK’s ability to export financial services to the European Union following Brexit.
The event was held in conjunction with international law firm King & Wood Mallesons (KWM), Alter Domus, a provider of fund and corporate services, and the Bank of Cyprus and was led by senior panel members from all organizations.
CIFA president Angelos Gregoriades says: “Continuous efforts to upgrade our legislative and regulatory regime, supported by the strong network of financial and professional service providers, has helped shape our offering to suit the needs of investors and transform the country into the attractive investment jurisdiction that it is today... Our wealth of experienced service providers, the simple, yet effective, taxation system, as well as our passport to the European fund management industry, has positioned us to be a natural alternative solution for the UK.”
Cyprus currently has 162 internationally recognized fund serviced providers already established in the country holding EUR2.9 billion assets under management, a figure that has tripled since CIFA was established in 2013. Some 218 Cyprus Investment Firms (CIFs) under MiFID are registered, with an additional 51 companies currently undergoing approval.
Sources: PrivateEquityWire, Funds-Europe, FTSE Global Markets
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