The 14th Annual CFA Forecasting Event of the CFA Society Cyprus was held on 26th of April with great success with the participation of 240 executives from all the banks, large companies, auditing firms and investment companies. Participants listened with great interest to the projections made by the three guest speakers from the CFA Institute, Bank of Cyprus and EFG Asset Management and had the opportunity to raise questions.

In an address read out on behalf of the President of Republic, Costas Iacovou, Deputy Permanent Secretary of the Deputy Ministry of Shipping, said that the Cyprus economy had come a long way in dealing with the crisis, and the outlook was very positive. “We need to continue with the same momentum and the same devotion and determination”, he said.

Each year, the annual CFA Forecasting Event brings together the financial community of Cyprus to discuss the latest international and local economic projections. This year the CFA Society Cyprus was represented at the highest level by the President and CEO of the Institute, Paul Smith, CFA, who spoke about the future of finance and the new investment landscape. He said the investment industry was flourishing as it becomes more trusted and value-focused, which are the principles that the CFA Institute promotes and supports. “At the same time, alternative providers and technology platforms are filling the gap created by any inefficiencies of the capital markets,” he added.

Nicolas Scott Smith, Director of Restructuring and Recoveries, Bank of Cyprus, spoke of the NPL trends and solutions in Europe as well as in Cyprus. “If people believe in your collateral balance, if they believe in your real estate market, if they believe in your laws and if they believe you have a credible servicing capacity in order to deliver the kind of returns for these assets; so for me, that’s key”, he said.

Daniel Murray, CFA, Deputy CIO and Global Head of Research of EFG Asset Management, spoke on the Global Economic and Investment Outlook, forecasting that we are on late cycle but not yet end cycle and that the next US recession could be some time away.

The President of CFA Society Cyprus, Panayiotis Chrysostomou, referred to the Chartered Financial Analyst (CFA) qualification, saying that it is the most respected and recognised professional qualification in the world of finance and investments. “The Annual Forecasting Event organised by the CFA Society of Cyprus has become a tradition as most financial services professionals of Cyprus attend the event year after year and exchange views on the regional and global economies”, he added.

During his visit to Cyprus, the President and CEO of CFA Institute Paul Smith held important contacts with the Cyprus Securities and Exchange Commission, the Chairman of the Cyprus Investment Funds Association (CIFA),  the chairman of the House Finance Committee and other stakeholders.

The 14th Annual CFA Forecasting Event was sponsored by Bank of Cyprus, EFG Bank, KPMG, K. Treppides& Co, PwC Cyprus and XM.