Azimut Egypt eyes two new funds
Azimut Egypt Asset Management plans to launch two new funds this year, with one going live within a few days and the other coming after Ramadan, Managing Director Ahmed Abou El Saad said at a conference yesterday, according to Hapi Journal. The Italy-based asset manager has obtained all necessary approvals for the funds and completed all the required procedures, he said without revealing further details.
Azimut’s first equity fund had a good 2020: Opened in July of last year, the AZ Equity-Egypt fund grew 35% during the latter half of the year to reach EGP 250 mn, primarily due inflows from European investors, El Saad said yesterday. The firm said at launch that the Luxembourg-headquartered fund would open with USD 10 mn in capital, and target USD 50 mn in AUM as a “first stage.”
And its bond fund has more than doubled in value since it launched in October. Azimut’s first Egypt-focused fixed-income fund, A-Z Savings, raised almost EGP 300 mn from investors when it launched at the end of October. The fund’s value had more than doubled to reach EGP 740 mn in March, Azimut said yesterday.
How big is Azimut? Parent company Azimut Group is an asset manager with EUR 57 bn in assets under management (AUM), while the Egypt arm says it has total AUM of EGP 7 bn.
ALSO FROM THE EGX-
The EGX plans to launch its first bond index before the end of June, and a trading platform is ready and waiting to go, local press quoted Chairman Mohamed Farid as saying during a conference.