Investment funds a boost for Cyprus
Asset investments by funds in Cyprus rose to just under 3 billion euros in the second quarter of the year, reaching the highest point ever and illustrating the sector’s growing contribution to the local economy.
In a press release, the Cyprus Investment Funds Association (CIFA) said that total assets invested in Cyprus have surged to a record-breaking €2.9 billion, “marking a significant milestone and amplifying the sector’s role in fortifying the country’s economic expansion and diversification, especially in these turbulent times.”
Investments in Cyprus now constitute a remarkable 26.7% of the total assets under management, which stand at €10.7 billion as of the end of the second quarter of 2023, marking a small increase of 0.42% compared with the previous quarter.
“This upward trajectory is underpinned by the operations of 254 companies licensed by the Securities and Exchange Commission, reflecting a remarkable growth of approximately 7.2% within a year,” CIFA added.
A steady trend is also evident in investments across pivotal sectors, with the shipping sector attracting the lion’s share of the invested assets with €555 million.
