Pelagic Partners: Michalis Vasiliou elected board secretary of Cyprus Investment Funds Association
As anchor investors and founders, Pelagic Partners are shipowners with the benefit of an intimate knowledge of the global shipping markets that has been developed and enriched over the course of three decades. The company’s control of the whole chain leaves it uniquely placed to close market-level acquisitions. This article will look at the recent appointment of Michalis Vasiliou as the Board Secretary of the Cyprus Investment Funds Association (CIFA), an organization that has made a pivotal contribution to the ongoing success of the Cypriot economy, amassing 500 new members within just a few years of its establishment.
Michalis Vasilou, executive director of Pelagic Partners, was elected as board secretary of CIFA during its annual general meeting. His election was marked by securing the third-highest number of votes, underscoring CIFA’s trust in his dedication, experience, and knowledge within the investment funds sector. The appointment not only reflects Michalis Vasilou’s individual capabilities but also mirrors the commitment and collective vision shared by Pelagic Partners.
Speaking after his election, Michalis Vasilou said he was honored to have been elected as a CIFA board member and entrusted by his fellow board members to serve as board secretary. He expressed his excitement at the opportunity to contribute to the association’s continued success and growth, adding that he was confident that CIFA can navigate the opportunities and challenges that lie ahead by working together with all stakeholders.
CIFA has played a critical role in contributing to the Cypriot economy’s ongoing successes. Statistics recently released by the Cyprus Securities and Exchange Commission (CySEC) suggest that of the €2.3 billion in assets under management invested in Cyprus, the island’s shipping industry accounts for more than a quarter, equating to more than €600 million in assets.
In attendance at CIFA’s annual general meeting were numerous distinguished guests and notable dignitaries, including Nikos Christodoulides, president of the Republic of Cyprus; Minister of Finance Mr Makis Keravnos; Minister of Interior Constantinos Ioannou; and Minister of Energy, Commerce and Industry Mr Giorgos Papanastasiou. Also in attendance were key figures such as Dr George Theocharides, president and vice president of CySEC; Mr Geroge Karatzias; and Mr Thomas Kazakos, director general of the Cyprus Shipping Chamber. The presence of this distinguished audience of notable figures further highlights the importance of this momentous occasion and the pivotal role played by CIFA in shaping the investment landscape in Cyprus.
For centuries, Cyprus has been an important global maritime hub, today ranking as the largest ship management center in Europe and one of the largest internationally. A global success story for decades, the island’s efficient and integrated shipping industry continues to operate with a keen focus on keeping ahead of the curve and remaining strong in the face of the unprecedented challenges faced by the global shipping industry.
Historically, shipping has been one of Cyprus’s most successful industries, and the resilient sector is the island’s longest-serving generator of direct foreign investment. Cyprus boasts Europe’s third-largest merchant fleet and the 11th largest in the world.
CIFA was established in 2013 with the mission of becoming a reference point and collective voice for all professionals and legal entities involved in Cyprus’s investment funds industry. Its board of directors is composed of highly regarded industry professionals with experience in all aspects of the industry, including fund management, banking, legal, audit, and advisory.
To fulfil its mandate, CIFA leverages the valuable expertise of its members, analyzing and discussing challenges, opportunities, and implications presented by developments at both a local and international level. Working closely with government and regulatory authorities, CIFA monitors developments in the global industry, helping to shape regulations while encouraging the quality, professionalism, and integrity of services offered by all market participants.
