Many participations in the 7th International Funds Summit which was organized on the two days of November 1 & 2. The conference exceeded 800 and came from more than 30 countries around the world, as the conference was held both in person and online. The Conference, organized annually by the Cyprus Investment Funds Association (CIFA) and Invest Cyprus, once again hosted executives from Investment Funds, related service providers, Supervisors and representatives from major European decision-making centers.
The International Funds Summit is now a reference point for the Investment Funds sector in the wider region as it is noteworthy that most of the delegates were from abroad and now recognize Cyprus as a dynamically developing destination as noted by the organizers.
During the conference, the wider investment environment as it has been formed internationally due to the pandemic was analyzed. Asset management, the role of new markets, the integration of Sustainable Development Principles and ESG criteria in investments, investment trends and challenges in digital reality but also the strong role of FinTech & RegTech organizations as new players on the chessboard.
During his speech, the Minister of Finance, Konstantinos Petridis referred extensively to the management of the crisis caused by the pandemic and expressed the view that the diversification of the model of the Cypriot economy in recent years, helped to reduce the effects of the pandemic to a significant degree. Indicatively, he stated that the recession in Cyprus in 2020 was the lowest of all the Mediterranean countries.
The Chairman of the Hellenic Capital Market Commission, Dr. George Theocharidis, stressed the commitment of the Commission for sustainable development of the Collective Investments sector in Cyprus, with strong supervision and protection of investors. He reminded that the Hellenic Capital Market Commission now supervises a total of 289 Management Companies and Collective Investment Organizations compared to 102 in 2016, an increase of 183%.
The president of CIFA, Andreas Giasemidis, noted that it is no coincidence that Cyprus is considered the fastest rising destination for Investment Funds in the European Union, as shown by the data of the European Fund and Asset Management Association (EFAMA). He added that if the effort to develop the sector with prudence and seriousness continues as it is done so far, the medium-term goal, to increase the assets under management to € 25 billion, is completely achievable.
The Deputy General Manager of Invest Cyprus, Marios Tanousis, pointed out that even during the pandemic, the Investment Funds sector in Cyprus has recorded positive growth and increased investment interest, while the necessary changes are constantly being made in terms of regulatory framework so that the country can compete on an equal footing with other destinations. The General Manager of Invest Cyprus, George Kampanellas, presented the specialized Project Bank created by the organization and which includes new development projects that are offered for investment purposes and which significantly meet the criteria of Sustainable Development and ESG.
In addition, prominent personalities were present on stage or on the screen of the Conference, such as José Manuel Campa, Chairperson of the European Banking Authority, Tanguy van de Werve, General Manager of EFAMA, Dr. Joseph Gavin, Chief Executive Officer of the Malta Financial Services Authority and Pervaiz Panjwani, Citi EMEA Head Custody and Fund Services.