Cypriot financial group Severis & Athienitis Financial Services (SAFS) last week announced the creation of a joint venture in Cyprus with Greek insurance company European Reliance (ER), which will offer investment opportunities and insurance-related products to both local and foreign investors.
The new partnership is the latest in a long list of moves by SAFS to expand its range of products and services. The company has already acquired a number of securities businesses, including a specialist London-based international securities trading company. ER, which is listed on the Athens Stock Exchange, deals in life and general insurance, mutual fund and other financial services and products.
The new venture will have a range of elements, the first being the creation of two jointly-owned Cyprus registered companies. The first, European Reliance SAFS Mutual Funds Ltd., will specialise in the creation and management of mutual funds. The second, European Reliance SAFS Insurance Ltd., will provide general insurance products (life, household, motor etc.) and related services. The eventual aim is to launch the full range of ER’s products and services onto the Cypriot market.
Nicos Severis, Managing Director of SAFS, commented
'In addition to ER’s extensive range of quality
insurance products, we will also provide joint mutual
fund opportunities for Cypriot, Greek and international
investors. ER is already well established and proficient
in this area and will provide invaluable expertise
and resources to help introduce mutual funds successfully
into our market.'
The ER/SAFS mutual funds will be managed by SAFS and
administered by ER. Through these funds, investors
will have access to blue chip and small cap securities,
without the risk or need to spread huge capital investment
across the market.
Stavros Athienitis, Director of SAFS said 'These new
products and services will provide great investment
potential for our own customers, those of ER and the
public at large. With our knowledge and high standing
in the local financial services community and ER’s
expertise in the area of mutual funds and related
products, we aim to deliver the most lucrative and
quality guaranteed investment opportunities in the
market.'
ER / SAFS mutual funds will have dedicated fund managers to analyse market movement, seek investment opportunities and maximise returns, whilst ensuring portfolio security and diversification. Although the necessary legislation governing mutual funds is not yet in place in Cyprus, mutual funds are one of the most popular securities investment vehicles.
Christos Georgakopoulos, Managing Director of European Reliance, said 'SAFS is a strong and growing international company with a great track record in Cyprus. I am confident that this partnership will not only provide greater opportunities for both our customers, but also drive the quality and diversification of the financial services industry in Cyprus to even greater heights.'
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