Assets investment by investment funds in Cyprus rose to €2.9 billion in the second quarter of this year, reaching the highest point ever, manifesting the sector’s growing contribution to the Cypriot economy.

The Cyprus Investment Funds Association (CIFA) said in a press release 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.

Furthermore, there is a steadfast trend in investments across pivotal sectors, with the Shipping sector, attracting the lion’s share of the invested assets with €555 million, marking a quarterly reduction of 3.7%. The energy sector rose by 25% quarter on quarter with total invested assets amounting to €456 million. Assets invested in the Fintech sector spiked by 86% to 108 million, whereas sustainable investments sector remained relatively unchanged with €72 million investments.

In statements CIFA's President, Andreas Yiasemides, emphasized the resilience and dynamism displayed by the Investment Funds sector, highlighting the tangible proof that collective efforts can yield remarkable results.

"The ascent of Collective Investment Funds during a period of considerable economic and corporate financial stress is tangible evidence of the unwavering faith and determination we have exhibited in recent years to foster sustainable growth within the sector. We are not only witnessing an increase in investments across critical economic sectors but also a continuous generation of new skilled employment opportunities,” he stated.