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Wednesday, 16 November 2016

London hedge funds returning to Egypt following float

Getting some love from international bond investors: The EGP float is working as London hedge funds are “making their way back” to holding Egyptian treasuries, Lyubov Pronina and Ahmed Namatalla write for Bloomberg. Bloomberg mentions specifically GAM money manager (and occasional FT Beyondbrics blogger) Denise Prime, who made her first investment in Egypt last week since 2008 buying T-bills for a USD 5.4 bn fund: “Aberdeen Asset Management Plc and Ashmore Group Plc also have Egypt back on their radar,” the piece adds. While some investors remain wary of the memory of thin, illiquid markets post-2011, Aberdeen money manager Kevin Daly is more optimistic: “This is a story which potentially should improve … You had a huge foreign-exchange adjustment, rates have gone up and now you have IMF money coming in. Country risk is heading in the right direction.”

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