HC Securities and Misr Insurance Holding’s subsidiary Misr Asset Management (MAM) have signed an asset management partnership agreement on Thursday, Al Borsa reported. The move comes as part of HC’s expansion plan, where it intends to launch “non-traditional” financial products geared for the government, particularly for Misr Holding and its subsidiaries, said Omar Radwan, head of HC Asset Management. The partnership will target private insurance funds, worth EGP 100 mn, as well as government portfolios, said MAM’s board of directors chairman, Atef El Mahmoudy. Radwan, however, assured that the two firms would remain two separate entities, with no merger in the works. Misr Asset Management is 60%-owned by Misr Insurance Holding, 29%-owned by Misr Life Insurance and 11%-owned by Misr Insurance Company, while HC manages more than EGP 4 bn worth of assets.