Bank Audi Money Market Fund, an EGP-denominated mutual fund with daily liquidity investing in short-term money market instruments, has achieved an annual return of 10.58% since the beginning of 2020.
Mohamed Badir, CEO and Managing Director of Bank Audi Egypt, said the bank diversifies its products and services to individual and corporate clients to maximise their savings and provide the necessary cash liquidity through daily subscription and redemption. Bank Audi Money Market Fund represents an investment and saving vessel with a high return opportunity, he added.
The minimum subscription in the fund is estimated at about 100 securities and it allows investors to lend up to 90% of the value of the pledged securities. The fund is managed by Hermes.
The price of the security is published on the first working day of every week, and the fund’s fiscal year begins on the first of January and ends at the end of December of each year.
The Money Market Fund adopts a flexible policy in distributing investments among the various sectors of EGP-denominated debt and fixed-income instruments, such as treasury bills, bonds, and bank deposits with high returns.
It also directs the fund’s money toward investments that can be easily liquidated.
The fund was established in 2009, with an estimated capital of EGP 100m and its period of operation extends for 25 years from the date of licensing.