Andreas Yiasemides: Funds sector is ever-evolving and growing

Addressing the 9th International Funds Summit & EXPO currently underway in Limassol, Andreas Yiasemides, President, Cyprus Investment Funds Association said, welcomed the events distinguished guests.

Yiasemides, who is also Partner, Clients &Markets Leader in charge of Fund Services at PwC Cyprus, said, “It's delightful to see familiar faces and greet newcomers at an event that has consistently demonstrated its value, highlighting both current trends and anticipating future issues.”

He continued that CIFA was proud to present an impressive roster of over 30 speakers from more than 10 countries.

“These experts will share their insights and knowledge with us. Through presentations and discussions, we will explore the forefront of global investment fund trends. Equally important, this summit provides an unparalleled chance to network with fellow professionals, cultivate fresh connections, and broaden our professional vistas. All these opportunities unfold over the next two days, and both the organising team and I are readily available for any questions or feedback you may have.”

He noted that the world of funds, “much like any other sector, continues to adapt to ever-evolving market conditions. Three years ago, we met virtually, grappling with pandemic-induced uncertainties. In subsequent years, we discussed topics ranging from the speed of post-pandemic recovery to inflation and geopolitical instability. Unfortunately, not much has changed considering the ongoing dramatic developments in our neighboring Israel and Gaza Strip, except for interest rates soaring sky-high as central banks grapple to control inflation.”

“Given these ongoing challenges, this year's summit aims to equip you with the knowledge and tools to navigate this increasingly complex landscape. I have full confidence that our discussions will prove highly productive, covering crucial subjects such as asset management, portfolio strategies, investor behavior in volatile times, global distribution, tax updates, ESG and Sustainable Finance, administrative advancements, technological innovations, cybersecurity, and much more,” Yiasemides said.

He continued, “Allow me to seize this moment to extend my deepest gratitude to our distinguished speakers and panelists, whether they join us physically or virtually. I'd also like to thank our sponsors and exhibitors and the dedicated teams at Invest Cyprus, CIFA, and IMH for their unwavering professionalism. Without their contributions, this event would not be possible.”

As noted by Yiasemides, this week is truly monumental for the Cyprus funds sector. “As we gather here, we are welcoming to Cyprus members of the International Investment Funds Association from 40 countries for IIFA's annual conference, held right here in Cyprus. Some of our esteemed guests are with us today, and I want to express my gratitude for their presence despite their busy schedules. Undoubtedly a milestone event for Cyprus, and I'm confident it will bolster our efforts to establish Cyprus as a leading global fund jurisdiction.”

He also pointed out that the members of the International Investment Funds Association managed €70 trillion funds.

“My appreciation also goes out to the Ministry of Finance, Invest Cyprus, the Cyprus Securities and Exchange Commission (CySEC), and other professional bodies of public interest. Their strategic actions, professional conduct, and positive dialogue have been instrumental in promoting Cyprus as a fund jurisdiction of the highest standards,” Yiasemides continued.

He noted that despite the global challenges, Assets Under Management (AUM) have reached “an impressive €10.7 billion by the end of the second quarter of 2023, marking a remarkable 175% growth since 2017 with the total number of licensed companies reaching 335. Even more promising is the growth in the number of licensed companies engaged in activities, now at 254 compared to 237 in the same period last year.”

He also said that almost €3 billion of this amount had been invested in sectors including shipping and real estate amongst others, illustrating how far the sector had developed in the past years.

“We've observed a growing trend of fund managers from diverse geographical areas choosing Cyprus, recognising its substantial advantages as a fund jurisdiction. Notably, we've seen increased interest from Indian, Middle East, and Japanese fund managers in establishing a presence in Cyprus. For instance, organisations such as MUFG Investor Services and, more recently, the Global Maritime Fund, aiming to become the world's largest maritime fund, have chosen our island as their home base,” he added.

The 9th International Funds Summit & EXPO and the 36th International Investment Funds Association (IIFA) Annual Conference 23-25 October) are being held by the Cyprus Investment Funds Association (CIFA) and the International Investment Funds Association respectively.

The 9th International Funds Summit & Expo will welcome leading fund managers and fund administration specialists from across the world to discuss the evolving regulatory and increasingly competitive landscape in the global asset management sector.

Taking place on 23-24 October at the Parklane, a Luxury Collection Resort & Spa, in Limassol, the summit has a packed agenda, with key topics including an overview of investment vehicles and asset classes, asset management and financial stability, as well as cross-border distribution.

There will also be an extensive discussion around sustainable investing, which is key when it comes to investing nowadays, as well as FintTech and RegTech in the investment funds industry. The latter will also be discussed in depth, with a special emphasis on managing funds in the AI era and the use of technology to optimise investments.

More than 30 speakers from the international funds industry will be addressing the 9th International Funds Summit & Expo, in the presence of over 500 participants.