Gold issue 39 by INBusiness

IssuE 39 JuNE 14 - JulY 13, 2014 PRICE €4.95

5 29 12 95 00 05 77

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the international investment, finance & professional services magazine of cyprus

Demetris Taxitaris

Charles Charalambous

Constantinos Papanastasiou

Charalambos Phokas

George Rologis

Andreas Athinodorou

Chris Odysseos Christoforos Antoniades

Andreas Yiasemides

Marios Tannousis Angelos Gregoriades

Ioannis Gaiganis

Looking For Funds CIFA AND ThE INVEsTMENT FuNDs sECTOR

BRANDING

Jonathan Gabay on the key to brand success

INTERVIEWs

simon Fasdal Martin luxemburg Andrei Narutsky

ECONOMY

The Troika’s three challenges to Cyprus

Plus:

MONEY / BusINEss ECONOMY TAX & lEGAl lIFEsTYlE / OPINION

www.pwc.com.cy

Focus on tomorrow, starting today

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Issue 39 June 14-July 13, 2014

6 EDITORIAL 8 UP FRONT 14 FIVE MINUTES WITH…

LOOKING

THE INVESTMENT FUNDS SECTOR IN CYPRUS IS EXPECTED TO BECOME ONE OF THE MAJOR PILLARS OF THE COUNTRY’S FINANCIAL INDUSTRY IN THE COMING YEARS. THE CYPRUS INVESTMENT FUNDS ASSOCIATION (CIFA) WAS ESTABLISHED WITH THE PURPOSE OF PROMOTING THE INVESTMENT FUND INDUSTRY BOTH AT A LOCAL AND INTERNATIONAL LEVEL. CIFA PRESIDENT ANGELOS GREGORIADES EXPLAINS WHAT CYPRUS NEEDS TO DO IN ORDER TO COMPETE WITH OTHER SUCCESSFUL JURISDICTIONS AND TO BE CONSIDERED A CREDIBLE DESTINATION FOR FUNDS AND FUND MANAGEM MANAGEMENT.

FOR FUNDS

PLUS

SPECIAL AD V FEA ERTISING Invest TURE men Firms O t Funds: ffe Services ring the Sectoto r. P.23

+ OPINION

60 | PAST, PRESENT & FUTURE

DOUBLE STANDARDS By George Ioulianos

ECONOMIC MATCHMAKING By Savvas Savouri

EXTRA RIGHTS = EXTRA RESPONSIBILITIES By Petros Florides

Christos S. Christodoulou on his firm’s first successful decade and how he sees the next one for Cyprus and the professional services sector.

64 | FAMILY MATTERS Andrei Narutsky, Managing Director of LEON Family Office, on why the introduction of family offices to the island would add an extra dimension to Cyprus’ wealth management product.

68 | IF AT FIRST YOU DON’T SUCCEED…

FEATURE 48 | UP, UP AND AWAY Global investment prospects are positive, though things will be slower than expected – but not in Cyprus, says Simon Fasdal.

There is no shame in failure, says Martin Luxemburg, co-founder of the Erasmus Centre for Entrepreneurship.

70 | TESTING TIMES George Theocharides gives an expert overview of the present state of the economy, what led to it and how Cyprus can return to growth.

52 | BRAND NEW WORLD

XXX

Jonathan Gabay, the highly respected creative branding, PR and reputational management authority, speaks to Gold.

56 | GETTING BETTER Theo C. Parperis, Partner & Head of Global Compliance Services, PwC, on how Cyprus can ameliorate its business practices and strengthen its model. 4 Gold THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS

FAMILY

MATTERS Survival in the global business jungle is a matter of strict focus \UMHPSPUN ÄULZZL HUK P[ transpires, allowing MVY [OL ÅV\YPZOPUN VM MHTPS` VMÄJLZ. By Chloe Panayides

30 Gold THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS

“B

y definition, a family office is intensely intimate. You are not just your client’s advisor, you are their confidant,” Andrei Narutsky, Managing Director of LEON Family Office declares. Following a day of exhaustive discussion and dialogue among public and private stakeholdth ers at the 4 Nicosia Economic Congress, Narutsky and I take a seat in the expansive lobby of the Hilton Park Hotel. With talk of economic recovery in mind, fresh from the day’s discourse, our attention turns to this somewhat elusive entity: the family office. It is an increasingly ubiquitous term and there is a growing body of opinion that encouraging the introduction of family offices to the island would add an extra dimension to Cyprus’ wealth management product, giving it a competitive edge whilst simultaneously invigorating the local economy. It would constitute the opportunity – so to speak – to reap the lion’s share of a wealthy family’s value. But what exactly is a family office? Narutsky is the ideal person to ask: “A family office is incredibly niche and personal, dealing with the very specific requirements of ultra high-net worth individuals,” he tells

me. For LEON Family Office, that description “ultra high-net worth” refers to wealth far exceeding €100 million. Narutsky continues: “At LEON, we are concerned with investment advisory and personal financial planning for our clients. We act as their personal chief investment officer. For them, it makes sense to have an outsourced advisor as opposed to an ‘in-house’ advisor, purely because of the acutely high level of expertise needed to handle this level of worth. Further to an investment plan, our clients often require ancillary services, such as wealth structuring and coordination, succession planning, and more.” Designing bespoke strategies requires careful consideration of a client’s unique situation, assessing his/her long-term objectives that are thereafter factored into the overall investment plan. LEON’s particular model, Narutsky explains, is classic: that is, setting strategic goals, building a long-term investment strategy, and maintaining optimal asset allocation for the best risk/reward ratio. “We then implement and oversea the underlying investments, measuring performance and returns. Most of our clients are first-generation entrepreneurs and are therefore too busy

to be able to do this all by themselves.” And just how many clients does LEON have? “Currently, we service five families. We could go up to 12 and an absolure maximum of 15; above that, a multi-family office transitions into a private bank,” Narutsky states. Indeed, just how are the services of a family office distinct from those afforded by a private bank? “Well,” Narutsky begins, “A bank is a good platform for the custody and safekeeping of its clients’ assets but bankers usually do not see the whole picture of the family and cannot propose truly comprehensive solutions. Bankers work to specific templates imposed on them by their respective banks’ policies and they are likely to have a conflict of interest between their own short-term profit targets and the long-term interests of the client. With a family office, by contrast, there is absolutely no conflict of interest. We work solely in the best interest of the client, as opposed to the best interest of the bank, as well. We always start with the analysis of the longterm needs of the client and investments are chosen solely with this goal in mind.” Responding to the question of what qualities a professional must possess to be able to effectively run a family office, Narutsky

THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS

Gold 31

76 78 82 84 86

{money} {business} {economy} {tax & legal} {lifestyle}

EDITORIAL

Listen and Learn We have two ears and one mouth, so we should listen more than we say. Zeno of Kitium, 333-264BC.

e all have an unfortunate tendency to believe that we can become experts on virtually everything with very little effort. Subjects about which we knew nothing a few months ago have become topics of everyday conversation, from non-performing loans to Central Bank regulation, and from who is responsible for the mess that Cyprus found itself in 15 months ago to what our attitude towards Russia should be after the Crimea crisis. It’s human nature to gather information and draw conclusions from it and, provided we choose our sources wisely, it keeps us up-to-date and aware of what is happening in the world around us. Regrettably, certain people who ought to know better seem to think that jumping to conclusions is a great form of exercise. I refer, among others, to a considerable number of the Members of the House of Representatives who frequently give the impression that their ears are closed to anything that has not been announced by their own party. It is the only logical explanation for their continuing refusal to accept the fact that, like it or not, there were strict conditions attached to the deal that saved Cyprus from bankruptcy and the €10 billion we needed was a loan and not a late Christmas present. The role of the Opposition, is, of course, to oppose the Government and to question its every move. This is how democracy works. But calling every single decision into question is actually to make a mockery of the democratic process, particularly when the Opposition consists of those who were previously in government and have been shown to be largely responsible for the situation from which their successors are now trying to extricate us. And it’s not only the politicians. Who did not laugh (with contempt) upon hearing the leader of the civil service union state that his members were against the proposed merger of the Inland Revenue Department and the VAT Service “because it is unconstitutional”? Perhaps that explains why the civil service has such a bad reputation for its attitude towards the public – those hardworking officials have been spending too much time studying the constitution. Last month, the politicians suddenly started saying that they were listening to the people (as if this was something new). They were saying it because of the unprecedented level of voter apathy revealed by the low turnout in the European elections. The message was very clear: “We don’t care about Europe; we don’t care about politics; we don’t care about you”. They would do well to listen to the people who made the effort to vote them into parliament if they wish to stay there. They should also start listening to the experts who are constantly sharing their ideas and opinions with us at the invitation of both the public and private sectors, many of whom also express their views each month in the pages of Gold. This month’s issue is packed with expert opinion on a host of issues, from the island’s fledgling Investment Funds sector – see the interview with CIFA President Angelos Gregoriades (page 16) to the work of Family Offices – in the experienced view of Andrei Narutsky (page 64). Simon Fasdal, Head of the Fixed Income Trading desk at Saxo Bank, has 17 years of market and trading experience. He shares his views on page 48. Jonathan Gabay, who has been in the business of brands and PR for 25 years, talks to Gold on page 52. Two Cypriots – Theo Parperis, Head of Global Compliance Services at PwC (page 56) and George Theocharides, Associate Professor of Finance at the Cyprus International Institute of Management (page 70) – also give us the benefit of their expertise, explaining what Cyprus needs to do in order to recover and grow. We can never know too much. Those who are responsible for taking the decisions that affect us should be the first to recognize this and have the required humility to listen to all those who know more than they do, no matter what the topic of discussion. Larnaca’s most famous son, the Stoic philosopher Zeno of Kitium, knew what he was talking about.

John Vickers, Chief Editor john@imhbusiness.com

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THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS

BANKING How Spain restructured its system

BITCOIN The Future of the Digital Currency

INTERVIEWS Peter Greenberg Matthew Kidd Alexis Tsielepis

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6- ;/, (<+0; 7YVMLZZPVU PU *`WY\Z

6 Gold THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS

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MANAGING DIRECTOR

George Michail

GENERAL MANAGER

Daphne Roditou Tang MEDIA MANAGER

Elena Leontiou EDITOR-IN-CHIEF

John Vickers JOURNALISTS

Effy Pafitis, Chloe Panayides CONTRIBUTORS TO THIS ISSUE

Petros Florides, George Ioulianos, Savvas Savouri ART DIRECTION

Anna Theodosiou SENIOR DESIGNER

Alexia Petrou PHOTOGRAPHY

Jo Michaelides MARKETING EXECUTIVE

Kevi Chishios SALES & BUSINESS DEVELOPMENT EXECUTIVE

Phivos Karayiannis ADVERTISING EXECUTIVES

Irene Georgiou, Christopher Constantinou OPERATIONS MANAGER

Voulla Nicolaou SUBSCRIPTIONS

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Cassoulides Masterprinters CONTACT 5 Aigaleo St., Strovolos 2057, Nicosia, Cyprus Mailing address: P.O.Box 21185, 1503, Nicosia, Cyprus Tel: +357 22505555, Fax: +357 22679820 e-mail: gold@imh.com.cy website: www.goldmagazine.com.cy subscriptions: goldsubscriptions@imh.com.cy

UP FRONT

CAREER DEVELOPMENT

Tax Firm

TRAINING FOR ACCOUNTANTS

of the YEAR

eloitte Cyprus received the “Cyprus Tax Firm of the Year” award for 2014, at the 10th Annual International Tax Review (ITR) European Tax Awards. Deloitte Cyprus was presented with the award at a ceremony in London on 21 May 2014. This is the second consecutive year that Deloitte Cyprus has

received this highest international recognition. “This significant new achievement strengthens our commitment in providing exceptional quality services and encourages us to set even higher standards”, said Pieris Markou, Head of Tax and Legal Services at Deloitte Cyprus (pictured).

BUSINESS MODEL GENERATION MASTERCLASS

pen Box Communication is presenting a Business Model Generation Masterclass aimed at Senior Executives/Strategists and Business Development/Marketing Managers seeking to innovate new or existing business models in order to empower [OLPY Z[YH[LN` HUK PUJYLHZL WYVÄ[HIPSity. The Business Model Canvas is a systematic and practical tool that helps both entrepreneurs and ‘intrapreneurs’ share a common visual methodology, enabling them to facilitate results X\PJRS` HUK LɉJPLU[S` Open Box Communication is one of [OL ML^ JVTWHUPLZ PU [OL ^VYSK JLY[PÄLK by Strategyzer Academy, the creators of Business Model Generation. Through powerful case studies from

start-ups and Fortune 500 companies, and intense hands-on workshops, attendees will learn and apply a practical visual language to understand, challenge, prototype and create solid business models using customer development and design thinking. Dates: July 10 and 11, 8:30am5:00pm in Nicosia. For registration and fees please visit: https://www.eventbrite.com/e/ business-model-generation-masterclass-nicosia-registration-10989396581

he Chartered Accountants’ Benevolent Association (CABA), ICAEW and ICPAC have developed career development training specifically tailored to membership needs in Cyprus. The training will provide a series of workshops to help members progress in their career. It is free of charge to ICAEW members and students and ICPAC members, who will

receive 6 CPD points for attending. The workshops will be on Creating effective self-marketing and Networking and personal branding (both with Neil Sampson, CABA career coach) and Developing and maintaining a growth mindset (with Viv ThackrayDutton, CABA coach and trainer) Christiana Diola, ICAEW services and technical manager for Cyprus, told Gold: “The business environment in Cyprus, like much of Europe, is tough. Professionals can no longer afford to be complacent but need to access the tools and support to build their resilience and adapt to the new environment. These new courses are a wonderful op-

THE FIRST WORKSHOPS WILL TAKE PLACE AS FOLLOWS: 24 JUNE

Cleopatra Hotel, Nicosia

25 JUNE

Carob Mill, Limassol

26 JUNE

Golden Bay Beach Hotel, Larnaca

portunity to partner with CABA and offer a more holistic service to members in Cyprus, recognising that member support extends beyond technical services to soft skills and resilience training that will create sustainable careers and enhance the wellbeing of chartered accountants.” Kath Haines, chief executive at CABA, added: “We first visited Cyprus to deliver courses immediately after 2013’s banking collapse and found accountants who were facing difficult times with a high degree of resilience. However, conditions remain difficult and the general situation places huge pressure on anyone working in the profession. These new workshops are designed to build on last year’s event and provide further support.” For more information and registration: http://www.caba.org. uk/cyprus

SAXO BANK’S MACROECONOMIC OUTLOOK PRESENTATION

e Meridien Limassol Spa and Resort was the venue for an exclusive Macroeconomic Outlook Presentation with a focus on bond markets hosted by Saxo Bank, the online multi-asset trading and investment specialist, on 15 May. The main speaker at the event was Simon Fasdal, Head of Saxo Bank’s Fixed Income Desk. In the first part of his first presentation, entitled “Europe: Make or Break”, Fasdal focused on the present scenario for Europe, and the challenges facing European economies, despite the optimism

seen in the markets in 2013, especially in European equities and bonds. The second part of the presentation focused on Emerging Market bonds but the topics were relevant to all asset classes. Simon Fasdal explained how the turbulence of 2013 in Emerging Markets repriced large parts of their assets and reset many economies, now with weaker currencies and lower growth, showing that even though fragility is present in Emerging Markets, there are also considerable investment opportunities in the midst of this turbulence. The event was coordinated by IMH.

8 Gold THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS

SEE AN INTERVIEW WITH SIMON FASDAL ON PAGE 48

UP FRONT

4th NICOSIA ECONOMIC CONGRESS

he Institute of Certified Public Accountants of Cyprus (ICPAC) and Gold magazine organised last month’s 4th Nicosia Economic Congress on The State of the Cyprus Economy. Respected speakers from Cyprus and abroad analysed the latest developments and presented their forecasts for the European and Cypriot economies for the next two years. Particular reference was made to those EU countries that were placed under Troika supervision and have since successfully exited the Memorandum of Under-

standing. The leaders of DISY and AKEL, Averof Neophytou and Andros Kyprianou, debated their views on the economy while the CEOs of the island’s main banks discussed issues of liquidity and non-performing loans. Organisers: ICPAC and Gold. Communication Sponsors: IN Business, inbusinessnews. com and Gold News. Coordination: ΙΜΗ. Main Sponsor: Alpha Bank Cyprus. Gold Sponsors: Deloitte, Lamda Card Services, Staroil and Globaltraining. Silver Sponsor: Ancoria Insurance Public Ltd.

Theo Parperis, ICPAC, Omiros Pissarides, Axia Ventures, George Mountis, Emergo Wealth, Sofronis Clerides & Andreas Charitou, University of Cyprus.

Theo Parperis, ICPAC, Marios Clerides, Cooperative Central Bank, John Hourican, Bank of Cyprus, George Georgiou, Alpha Bank Cyprus & George Appios, Piraeus Bank (Cyprus). Chysanthos Tsouroullis, Dias Group, Averof Neophytou, DISY & Andros Kyprianou, AKEL.

Portuguese Ambassador Joao Perestrello & Indian High Commissioner Ravi Bangar. Nicosia Mayor Constantinos Yiorkadjis & former Strovolos Mayor Savvas Iliofotou.

The Congress was attended by THQVY ÄN\YLZ MYVT [OL SVJHS ÄUHUJPHS and business community.

Constantinos Petrides, Under-Secretary to the President, Irena Georgiadou, Hellenic Bank, & Takis Palaikythritis, Limassol Marina.

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10 Gold THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS

Nicos Nouris, DISY, & Nicholas Hadjiyiannis, Cooperative Central Bank.

*ROG 6SRQVRUV

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UP FRONT

THE WORLDâ&#x20AC;&#x2122;S RICHEST

MUSICIANS

asters of their domain, these individual are musically inclined. Whether they are playing live in concert or on the soundtrack of your favourite film, our best-loved songs would not be possible without them. Whether they are writing lyrics, playing an instrument, singing songs or producing records, they are making money thanks to their talents. Some of them are making lots of it. Take a look at our list and see how many of them strike a chord within you.

1. Andrew Lloyd Webber

10 P TO

6. Elton John

(66, composer, UK) Net Worth: â&#x201A;Ź882 million The British composer is the worldâ&#x20AC;&#x2122;s most successful modern writer of stage musicals. His successes include Jesus Christ Superstar, Evita, Cats, Starlight Express and The Phantom of the Opera. He was knighted in HUK Ă&#x201E;]L `LHYZ SH[LY ILJHTL 3VYK 3SV`K >LIILY

(67, singer/songwriter, UK) Net Worth: â&#x201A;Ź260 million 0U OPZ Ă&#x201E;]L KLJHKL JHYLLY OL OHZ ZVSK TVYL than 300 million records. His single Candle in the Wind 1997 sold over 33 million copies ^VYSK^PKL HUK PZ [OL IPNNLZ[ ZLSSPUN ZPUNSL of all time. He received a knighthood in 1998 MVY OPZ ZLY]PJLZ [V T\ZPJ HUK OPZ JOHYP[HISL services.

2. Paul McCartney

7. Mick Jagger (70, singer/songwriter, UK)

(71, singer/songwriter, UK) Net Worth: â&#x201A;Ź602 million He is one of the most successful composers and performers of all time, with sales of V]LY TPSSPVU HSI\TZ VM OPZ ^VYR ^P[O [OL Beatles and as a solo artist. More than 2,200 artists have covered his song @LZ[LYKH`. He was knighted In 1997.

3. Herb Alpert (79, trumpet player/record

company owner, US) Net Worth: â&#x201A;Ź551 million (SWLY[ [OL Â¸(Âš PU ( 4 9LJVYKZ [OL SHILS OL MV\UKLK ^P[O I\ZPULZZ WHY[ULY 1LYY` 4VZZ OHZ ZVSK TPSSPVU HSI\TZ ^VYSK^PKL HUK PZ [OL VUS` WLYZVU [V [VW [OL <: JOHY[Z HZ H vocalist (;OPZ .\`ÂťZ 0U 3V]L >P[O @V\, 1968) and as an instrumentalist (Rise, 1979).

4. Emilio Estefan (61, record producer, US/Cuba)

Net Worth: â&#x201A;Ź367 million :[LMHUÂťZ Ă&#x201E;YZ[ [HZ[L VM MHTL JHTL with Miami Sound Machine, fronted I` OPZ ^PML .SVYPH ,Z[LMHU 0U OL NH[OLYLK KVaLUZ VM 3H[PUV LU[LYtainers to record a Spanish version of We Are The World which was released [V YHPZL TVUL` MVY [OL /HP[P 9LSPLM Fund.

5. Bernie Taupin (64, lyricist, UK)

Net Worth: â&#x201A;Ź330 million â&#x20AC;&#x153;The man who writes the words for Elton Johnâ&#x20AC;? has created ZVTL VM YVJR T\ZPJÂťZ ILZ[ RUV^U S`YPJZ PUJS\KPUN OP[Z Z\JO as Your Song, Rocket Man, Daniel and Candle In The Wind, which OL YL ^YV[L HZ H [YPI\[L [V [OL SH[L Diana, Princess of Wales.

12 Gold THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS

Net Worth: â&#x201A;Ź241 million +\YPUN OPZ `LHY JHYLLY [OL SLHK ]VJHSPZ[ HUK MV\UKLY TLTILY VM [OL 9VSSPUN :[VULZ OHZ ILLU VUL VM [OL TVZ[ WVW\SHY HUK PUĂ&#x2026;\LU[PHS WLYMVYTLYZ PU [OL OPZ[VY` VM WVW rock music. In 2003 he was knighted for his services to music. Maroon 5â&#x20AC;&#x2122;s 2011 song 4V]LZ 3PRL 1HNNLY PZ HIV\[ OPT

=8. L.A. Reid (57, songwriter/producer, US)

Net Worth: â&#x201A;Ź220 million 9LPK HUK 2LUUL[O Âş)HI`MHJLÂť ,KTVUKZ MV\UKLK 3H-HJL ^OPJO SH[LY TLYNLK with Arista Records, where he was made WYLZPKLU[ HUK *,6 /PZ Ă&#x201E;YZ[ ZPNUPUN ^HZ [OL \URUV^U (]YPS 3H]PNUL /L SH[LY YLZ\YYLJ[LK 4HYPHO *HYL`ÂťZ JHYLLY HUK OL OHZ YLJLU[S` OHK Z\JJLZZ ^P[O 2HU`L >LZ[ 9POHUUH HUK 1\Z[PU )PLILY

5 6

=8. Gene Simmons (64, musician/songwriter, US)

Net Worth: â&#x201A;Ź220 million ;OL 0ZYHLSP IVYU (TLYPJHU IHZZ N\P[HYPZ[ HUK JV SLHK ]VJHSPZ[ VM 2PZZ [OL IHUK OL JV MV\UKLK PU [OL LHYS` Z OHZ ZVSK TVYL [OHU TPSSPVU HSI\TZ ^VYSK^PKL ([ [OL OLPNO[ VM 2PZZÂť WVW\SHYP[` OL OHK OPZ MHTV\ZS` long tongue insured for $1,000,000. He is wellRUV^U MVY OPZ JOHYP[` ^VYR

7 =8

10. Keith Richards (70, musician/songwriter, UK)

Net Worth: â&#x201A;Ź205 million The guitarist, songwriter and co-founder of the Rolling Stones has written most of [OL IHUKÂťZ OP[Z ^P[O 4PJR 1HNNLY PUJS\KPUN Satisfaction, Brown Sugar, Jumpinâ&#x20AC;&#x2122; Jack -SHZO /VUR` ;VUR >VTLU and Start Me <W 0U OL W\ISPZOLK 3PML, his acclaimed H\[VIPVNYHWO` 1VOUU` +LWW IHZLK [OL character of Jack Sparrow on him.