By Islam Serour
Beltone Financial, a leading assets management company in Egypt, has formed a joint-venture company with the African asset management house Altree Capital, dubbed Altree Beltone Capital Ltd.
Beltone Financial Holding, which reportedly ranked as the principal asset manager during the first half of 2012, is seeking to empower its position in the African market through collaborating with Altree Capital, owned by Altree Financial, an integrated financial services provider specialised in corporate finance, trust and fiduciary services, fund administration and market data, and which owns a number of financial service subsidiary companies across the African continent.
The Cairo-based Beltone Financial Holding told reporters yesterday that the board of directors has agreed to sell 40 percent of the company’s investment funds and approved the joint-venture with Altree Capital to launch Altree Beltone Capital Ltd. The company’s shares will be divided equally between Beltone Financial and Altree Capital, each holding a 50 percent stake.
Capitalising on Beltone Financial’s strong base in the Middle East and North Africa, and Altree Capital’s prestigious record of assets management in Africa, Altree Beltone Capital Ltd intends to provide investment management and advisory services by widening asset management products to both local and international investors.
According to a press release issued by the two companies, Altree Beltone Capital Ltd will manage equity investment across the Middle East and North Africa (MENA) region and provide advisory services to the Altree Beltone Africa Opportunities Fund and the Beltone Gems MENA Equity Fund.