Return of 8,52% was achieved by the Hotel Employees Provident Fund
Up to £138,8 millions came the reserve of The Fund in 2006
The third issue of the magazine “Xenodohoypalilos” (Hotel Employee”) is already in circulation, which is published by the Management Committee of the Hotel Employees Provident Fund. It is a periodical publication distributed free of charge to all the members of the Fund aiming at providing complete information in respect of the activities and works of the Fund. The magazine, apart from the financial data of the Fund for the year 2006, contains also a variety of subjects related to the Fund. In this issue, the president of the Fund, Mrs. Anna Michaelides-Alatioti, refers to all the activities and works carried out in the last financial year and to the future goals. The general manager of the Fund, Mr. Marinos Gialeli, refers to the investment choices of the Fund and the manner according to which the various investment products are selected. The Minister of Commerce, Mr. Antonis Michaelides, in his articles emphasizes that the future of the hotel industry lies in quality. “The addition of quality may be the best, if not the only, choice we have”, he mentions.
Interviews taken by Bild Roland Kern, Investment Manager of the Provident - Pension Fund of Lufthansa group, Pavlos Theocharous and Levteris Georgiades, members of the Management Committee, are hosted in this issue; an article by Philippos Mannaris and Marios Giannas of Hewitt Associates, Investment Consultants of the Fund, is also hosted.
The Hotel Employees Provident Fund is one of the largest Fund of the private sector in Cyprus. By the end of the year 2006, the balance of the Fund came up to 138,8 millions Cyprus Pounds compared to 125,07 millions by the end of the year 2005. The net return of the investments of the Fund was 10,6 millions Cyprus Pounds against 6,5 millions Cyprus Pounds for the year 2005. The return in respect of the balances in the personal accounts of the members was calculated to 8,52%, a significantly satisfactory return.