Azimut Egypt is rolling out a new equity fund
Retail investors can subscribe to Azimut Egypt Asset Management’s new equity fund as of this coming Sunday, 23 May, Hapi Journal reports. Azimut is looking to secure EGP 250 mn in AUM “within the coming period,” according to a statement picked up by the newspaper. Egyptian equities are undervalued due to the lack of liquidity in the market and weak inflows of fresh investments, said Azimut Egypt MD Ahmed Abou El Saad.
This is the first of two new funds Azimut Egypt plans to launch this year, with Abou El Saad saying last month that the local arm of the Italian asset manager had obtained all necessary approvals for the funds. Abou El Saad had suggested the first of the two funds would go live last month and the second would be launched after Ramadan. Azimut launched last year its first Egypt-focused equity fund, AZ Equity-Egypt, and a fixed income fund, AZ-Savings.