SFM Group's World Investment Opportunities Funds (WIOF) has been granted permission by the Cyprus Securities Commission to market and sell investment funds in Cyprus, becoming among the first foreign domiciled investment companies to sell international funds in the jurisdiction.
The SFM Group was set to launch the World Investment Opportunities Funds in Cyprus yesterday.
WIOF is authorised to sell its Luxembourg-based SICAV fund. This SICAV offers eight internationally managed investment funds, each with distinctive investment objectives.
SFM explained that the two portfolio funds (WIOF American Portfolio and WIOF European Portfolio) are unique in Cyprus because investors pay no initial charges on entry to the fund, and the total amount subscribed is invested to the fund.
"The two portfolio funds offer a balanced, diverse portolio with a focus on low volatility whilst deliverying consistent returns over a 3-5 year investment horizon. The WIOF European Portfolio imparticular is well ranked in independent comparisons," the company stated.
The registration of the SICAV in Cyprus also enables Cypriot investors to choose from a broader selection of investment funds. WIOF is an independent SICAV with a number of internationally recognised investment managers appointed to manage the funds. This multi-manager structure provides investors with a choice of investment objective, strategy and management style, all within one legal structure.
"With this permission we have taken another step in pursuing our strategy to offer the same services and products in Cyprus as well as other countries in the CEE region," the firm added.
WIOF is now registered for distribution in Poland, Luxembourg, Slovakia, the Czech Republic, Cyprus and Latvia.
WIOF intends to announce a large expansion to its product range later this year.
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