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In the second quarter of 2024, the number of Management Companies and Undertakings of Collective Investments (UCIs) in Cyprus remained at 328. At the same time, assets under management (AUM) increased to €9.4 billion, according to the quarterly statistics bulletin released by the Cyprus Securities and Exchange Commission (CySEC).
CySEC oversees 328 Management Companies and UCIs, a decrease from 334 in the same quarter of the previous year, indicating a decline of 1.8 percent. The current total includes 236 Externally Managed UCIs, 33 Internally Managed UCIs, and 69 External Fund Managers.
The overall count features 44 Alternative Investment Fund Managers (AIFMs), 50 Sub-threshold AIFMs, 3 UCITS Management Companies, and 5 dual-license entities that function as both AIFMs and UCITS Management Companies.
Total assets under management reached €9.4 billion in the second quarter of 2024, reflecting an increase of 2.88 percent from the previous quarter. However, there was a decrease of 12.8 percent compared to the same period in 2023. The net asset value of the UCIs managed by these companies was €8.9 billion.
Diverse Investment Allocations Overview
In terms of asset allocation, 59 percent of the AUM was managed by AIFMs. The distribution includes 18 percent managed by AIFMs and UCITS Management Companies, 11 percent by Sub-threshold AIFMs, and another 11 percent by UCITS Management Companies. Regulated UCIs managed by foreign fund managers accounted for just 1 percent of the total.
The breakdown of UCITS’ assets under management shows that the majority, 89.3 percent, was invested in transferable securities.
Smaller portions were allocated to UCITS and other UCIs, as well as bank deposits. For AIFs, AIFLNPs, and RAIFs, significant investments were made in private equity, hedge funds, and real estate, while funds of funds comprised a smaller share of the total AUM.
Among the 225 operational UCIs during this period, 198 were domiciled in Cyprus, holding 74.1 percent of the total AUM. This group includes 13 UCITS, 49 AIFs, 45 AIFLNPs, and 91 RAIFs. Of these, 162 invest partially or entirely in Cyprus, totaling €2.5 billion, which represents 26.6 percent of the total AUM.
Private equity investments accounted for a significant share of investments in Cyprus, while real estate also represented a noteworthy portion.
Energy, Fintech Investments Rise
In terms of unitholder categorization, retail investors made up a substantial majority of UCITS. For AIFs, AIFNLPs, and RAIFs, a majority were well-informed investors, followed by professional investors, with retail investors constituting a smaller percentage.
Specific sector investments during the second quarter of 2024 included significant amounts in energy, fintech, shipping, and sustainable investments. In the energy sector, investments reached €543 million, while €233 million went to fintech. Shipping attracted €743 million, and sustainable investments accounted for €78 million.
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