• Your Cart

    Your cart is empty.

  • Link to our news feed...Go to all news items...
    22/01/2014Davos Billionaires See Wealth Gains on 2014 Stocks RallyBillionaires attending the World Economic Forum’s annual meeting this week in Davos, Switzerland, expect...04/01/2014Melbourne inviting expressions of interest from individuals from Greece & CyprusThe Victorian Government of Australia is inviting expressions of interest from individuals around the...31/12/2013Top 2014 Financial Resolutions For The Rich: deVere Group PollThree top financial priorities in 2014 for the globe-trotting wealthy are seemingly at odds with one...
  • Should Greece leave the euro zone and return to the drachma?

  • Buy the printed version
  • Buy the Online version
  • separator

    separator
  • View audio and video clips
  • Link to the Greek Power Summit website
  • Contact us
  • separator
  • Nicosia, Cyprus

    Nicosia
    Cyprus
    Today
    It is forcast to be Mostly Cloudy at 11:00 PM EET on November 28, 2014
    Mostly Cloudy
    19°C
  • Athens, Greece

    Athens
    Greece
    Today
    It is forcast to be Chance of Rain at 11:00 PM EET on November 28, 2014
    Chance of Rain
    16°C
  • London, United Kingdom

    London
    United Kingdom
    Today
    It is forcast to be Partly Cloudy at 9:00 PM GMT on November 28, 2014
    Partly Cloudy
    13°C
  • New York, United States

    New York
    United States
    Today
    It is forcast to be Clear at 9:00 PM CST on November 28, 2014
    Clear
    16°C
  • Melbourne, Australia

    Melbourne
    Australia
    Today
    It is forcast to be Partly Cloudy at 11:00 PM EST on November 28, 2014
    Partly Cloudy
    22°C

Greek Rich List News

Cyprus must focus on marketing to grab the share of lucrative sector – Theo Phanos, London based Cypriot fund manager

Posted on by GRL Admin

Theo Phanos, director of Trafalger Asset Management and profiled in the UK section of Greek Rich List magazine – told the Cyprus Weekly last week that Cyprus has a good chance of getting a slice of the investment fund management pie, provided it moves ahead with intense marketing abroad.

Photo by Stefanos Kouratzis

In an interview with the Cyprus Weekly he said “Cyprus could get some market share of the investment fund management industry without a doubt Malta has achieved that. I think Cyprus should be in a much stronger position.

“It will take a long time before we can compete with Ireland and Luxembourg because they have been doing this for 20 years, but I think it’s feasible,” said Theo, director of Trafalgar Asset
Managers.

He was speaking on the sidelines of a round table discussion in Nicosia on the prospects of Cyprus as an investment fund management centre, organised by the Cyprus Investment Promotion Agency (CIPA).

“Cyprus has to do a lot of marketing. Other countries who are trying to achieve the same, such as Luxembourg, Ireland and Malta are very proactive in sending delegations to locations like London and elsewhere.

Cyprus needs to explain the infrastructure it offers, the benefits, different permits and the various elements that go towards establishing a fund management business.”

He believes Cyprus has the infrastructure, but it is a matter of bringing it together and doing a lot of marketing “and doing it quickly because this is an important time for the fund management industry with a new EU directive that is being voted on in Parliament at this time.”

The discussion dealt with asset management broadly and a number of speakers identified some sub-sectors of asset management that would be suitable for Cyprus, he added.

“Sub-sectors such as the domiciling of funds, the custody of funds, the administration of funds, rather than the actual management of the funds themselves which is a very difficult objective to achieve.

“That would probably continue to take place in bigger countries like the UK, France and Germany. But the domicile can be in Cyprus rather than Ireland, Luxembourg and other locations.”

Phanos believes that Cyprus needs to have clear objectives and to communicate what’s available to foreign investors and foreign fund management companies.

“Most of the elements are in place in Cyprus and there can be certain refinements, maybe to taxation and to obtaining approvals and so on. I think there can be some changes, which are not that difficult, and beyond that it’s actually communicating to people that Cyprus actually offers these possibilities for domicile administration and so on.

“To a large extent, it’s a communication exercise and clearly to communicate well you need to have the resources, empower people and spend money.”

“I think Cyprus has done very well in other areas as an offshore business centre, as it focused on certain target markets like Russian businesses and Greek businesses which were low-hanging fruit for Cyprus.

“It was easy to get the offshore business. Now, the next target is a tougher project. It means competing with Malta, Luxembourg, Ireland and other locations for the domicile administration of fund management businesses.

“It is tougher and I think the focus has been elsewhere over the years,” he said.

Source: Demetra Molyva, The Cyprus Weekly

This entry was posted in News. Bookmark the permalink.
  1. Pingback: Ποια hedge funds παίζουν με το ελληνικό χρέος « Το μεγαλύτερο blog της πόλης

Leave a Reply

Your email address will not be published.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>