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< b>2021 was another successful year, despite the challenges, for the Investment Funds. The data published by the Hellenic Capital Market Commission show the significant but steady increase in the size of the sector.
Specifically, the total Assets Managed by the Investment Funds in Cyprus reached € 11.6 billion at the end of December 2021 compared to € 8.6 billion at the end of 2020. In other words, there was an increase of 34.8%. Regarding the number of Collective Investment Management Companies and Collective Investment Organizations in the fourth quarter of 2021, for the first time they exceeded 300 and amounted to a total of 310 of which 224 already have activities. A year earlier, the number of licensed companies was 283 of which 197 had activities. The fact that several new applications for licensing are being evaluated by the Hellenic Capital Market Commission should also be taken into account. Equally positive development is the fact that the funds invested by the Investment Funds in the Cypriot economy have increased significantly. Specifically, the total Assets Under Management invested in the Cypriot economy at the end of 2021 amounted to € 2.6 billion, increased by 18% on an annual basis.
CIFA, the Cyprus Association of Investment Funds, considers that the development observed in recent years, even under conditions of pandemic and intense uncertainty, has now established the Investment Fund sector as one of the fastest growing in the Cypriot economy, which creates significant benefits for other sectors and the labor market. >
CIFA will continue to submit suggestions and proposals for continuous modernization of the legal and fiscal framework governing Collective Investments, as it is a highly dynamic and competitive sector with continuous developments at the international level. Under these conditions, Cyprus can compete on an equal footing with other European destinations and can continue to attract Funds and Administrators from around the world. & Nbsp; & nbsp; & nbsp; & nbsp; & nbsp;
