Azimut Egypt Asset Management will launch the Group’s first local fixed income fund in Egypt on 11 October, with equities of over EGP 50m.
Azimut Egypt has contracted with Banque du Caire and Ahli United Bank to act as the receiving banks for the private placement of the fund.
The company has also benefited from new legislative amendments that allow for parties other than banks and insurance companies to receive subscriptions for, and the purchase and redemption of funds.
As a result, Azimut Egypt is also contracting with brokerage and investments firms Mubasher, Naeem, Global Invest, and Misr Capital, to act as receiving entities and marketing the fund to their clients.
The move marks the fund as the first to contract with several receiving parties, with some allowing for subscriptions to take place electronically.
Ahmed Abu Al-Saad, Managing Director at Azimut Egypt, said that the fund is the first in a series of mutual funds that his company intends to launch in the local market during the coming period.
It follows on from the launch, last March, of the UCITS Azimut Egypt Country Fund to invest in Egyptian equities domiciled in Luxembourg. Abu Al-Saad noted that the company is anticipating that the fund will be a significant addition to and influence on the Egyptian Capital Market.
Giorgio Medda, Co-CEO at Azimut Group, has also said that the launch of the new fund is a statement of the group’s belief in the exceptional investment opportunities available in Egypt. He added that the country is regarded as one of the most promising emerging markets.
Azimut Group aims to build a unique suite of investment management solutions for private clients in Egypt based upon global expertise and innovation. Diversification across debt and equity markets can be sought through a range of mutual funds strategies potentially delivering returns accompanied by a new financial advisory proposition combining financial and real-life objectives.