PwC Cyprus has welcomed leading global group MUFG Investor Services’ decision to set up a European base on the island, in order to provide administration services in the investment funds sector, as a very positive development – both for the local economy and, more particularly, its funds industry.
Furthermore, noted the Big Four member, the development has highlighted Cyprus as a safe destination for large collective investments. It also reaffirms that Cyprus has the necessary infrastructure in place, along with the right environment – but also quality of life – to host the headquarters of other leading international firms and organisations.
“PwC Cyprus, which provides advisory and support services to MUFG Investor Services, is an active contributor to the effort to promote our country as a professional services hub in the broader region, but also as an investment funds centre,” stated PwC Cyprus CEO and Chairman Philippos Soseilos.
He stressed that the strategic move will have benefits across the board, noting: “developments like these open up new jobs for specialised staff, in turn boosting the economy and upgrading the services that are provided”.
PwC Cyprus CEO Soseilos also expressed optimism that the news will prompt other global leaders of the sector to trust Cyprus and invest in establishing their headquarters on the island.
In parallel, PwC Cyprus Partner, In Charge of Fund Services, Andreas Yiasemides, said the decision by a global industry leader like MUFG Investor Services to create a base in Cyprus was a significant step in the direction of creating a wide-ranging investment fund ecosystem on the island.
“The expansion of MUFG Investor Services’ operations to the island is expected to have a catalytic impact on the effort to attract investments from the very promising Asian market, as there are plenty of investment funds that are interested in investing in the European market,” he said.
For his part, MUFG Investor Services CEO John Sergides, said he was pleased his company had opened a European office to provide services in Cyprus, describing the island as “a rapidly-growing financial services centre, but also a business hub for the broader region”.
He added that “the Cyprus office will be the second biggest European centre of MUFG Investor Services, and will help the company enhance the services it offers its clients around the world”.