SCSS at Cyprus Funds Summit in Limassol
SCSS Fund Management Ltd., participated at the 2016 Cyprus International Funds Summit held on 30th May in Limassol. The three-day event was organised by the Cyprus Investment Funds Association (CIFA) and endorsed by EFAMA.
SCSS Senior Management led by Yiannos Christofides – CEO, Yervant Bohdjalian, General Manager as well as Board Members George Christofides and Shavasb Bohdjalian had extensive contacts with delegates to the Summit and discussed among others topics such as new investment opportunities and key trends and challenges.
SCSS Fund Management Ltd., is a regulated Alternative Investment Fund Management (AIFM) regulated by the Cyprus Securities and Exchange Commission (CySEC) and has received regulatory permission to manage four Alternative Investment Funds (AIFs) active in the Private Equity, Fixed Income and Real Estate sectors.
Demetra Kalogerou, Chairwoman of the Cyprus Securities and Exchange Commission, discussed the latest changes in the regulatory and supervisory landscape of the fund industry. “Cyprus is a safe, responsible place to do business globally,” she said, according to Gold Magazine.
Kalogerou said that substantial improvements and legislation amendments will create all the necessary preconditions for growing the collective investment sector, which is expected to contribute substantially in our country`s economy.
The proposed amendments will be made in registered funds, mini-managers, and regulatory framework for fund administrators. These amendments will contribute to the further development of the fund industry in Cyprus.
She also mentioned “we authorised the setup of one of the few EuVECA Funds, which complies with the relevant European Regulation on Venture Capital Funds”. These funds will help new innovative business in Cyprus, such as sectors in IT and energy, to set up and become more competitive.
She continued by saying that based on EFAMA statistics the “net sales of European investment funds rose to an all-time high of €725 billion in 2015 and assets under management broke through to €12 trillion thanks to a growth rate of 11%. Also, investment fund assets worldwide increased 5.9% during the fourth quarter of 2015 to €36.94 trillion at the end of 2015, and the year asset growth reached 12%.”
Finally, Kalogerou thanked the government and the Finance minister for their contribution in the effort of CySEC to the budget for the employment of extra new personnel by 2016 that will help fulfil the on-going work of CySEC.
John Hourican, CEO of Bank of Cyprus, gave a keynote presentation, at the International Funds Summit. In his speech, he explained why Cyprus is considered to be a useful investment for funds.
Cyprus has a number of advantages such as regulation and tax framework, however what should be improved is the ease of doing business, Hourican said, according to Gold Magazine.
He added that Cyprus has “great laws”, which is a real advantage and stressed that all bodies should ensure to maintain this advantage.
Hourican made reference to Cyprus’ ability to grow out of debt, with a forecast to grow by more than 2% of the GDP this year. He further pointed out that everyone should act in order to achieve this forecast.
Another advantage of Cyprus is its EU membership, according to Hourican. He explained that “Cyprus is the eastern gateway of the European Union and we must use it as an advantage”.
He also said that “Cyprus has a highly educated employment force”, and continued, “Cyprus has a unique opportunity to become something more than it is”.
Hourican also claimed “the funds industry (in Cyprus) could reach more than 3 trillion euros”.
“So can we (Cyprus) compete? Yes we can,” he concluded.