- An important step towards the development of an integrated ecosystem for collective investment
It is with great satisfaction that CIFA, the Cyprus Investment Funds Association, welcomes the decision of global mogul, MUFG Investor Services, to establish a European base in Cyprus.
This is a decision that constitutes a vote of confidence for the investment fund industry and the Cypriot economy as a whole, during an unprecedented period governed by enormous uncertainty.
The decision by MUFG Investor Services is tangible proof that Cyprus is now a recognized destination for collective investments and international groups that provide similar services.
We are optimistic that, in the near future, even more companies that provide specialized services to investment funds and administrators will establish offices in Cyprus, in order to gradually build a complete ecosystem around the sector. Such developments enhance Cyprus’ reputation as a center for professional services, as well as a stable and competitive regional hub for investment firms and other international companies.
“It is a process that has been going on for several months. We have concluded dozens of meetings with the leaders of MUFG, providing them with the information they needed and analyzing the facts and advantages of Cyprus as 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 setting up and operating compared to other destinations”explains CIFA President Andreas Yiasemides.
The expansion of MUFG in Cyprus reinforces the effort to penetrate the huge Asian market, a market which presents significant prospects for attracting investment funds interested in the European market. At the same time, it is certain that new specialized jobs will be created and many advantages for the sectors that provide support services will certainly result.
The CIFA will continue its efforts to continuously improve the regulatory framework concerned, by submitting specific recommendations to the competent supervisory authority, within the framework of their excellent cooperation.