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Monday, 11 October 2021

Azimut Egypt wants USD 1 bn AUM here by 2024

Azimut Egypt is looking to launch three new funds and hit USD 1 bn in AUM by 2024, Azimut Egypt CEO Ahmed Abou El-Saad told Enterprise. The first of the three funds, a fixed income fund, is expected to launch by the end of this month. Azimut currently has EGP 9 bn worth of assets under management in Egypt, El-Saad said, 6 bn of which are for institutional investors as well as regional and European sovereign wealth funds.

Two more funds will follow by 1Q2022, El-Saad said, with one of the funds specializing in investing in Sharia-compliant debt instruments and equities. would not reveal what the funds would be investing in.

Azimut is still new to Egypt: Earlier this year, Azimut’s third Egypt-focused equity fund, ​AZ-Opp, raised EGP 71 mn during its initial subscription period. Azimut’s first two Egypt-focused funds, equity fund AZ Equity-Egypt and fixed income fund AZ-Savings, have both grown considerably since their launch in 2020, with AZ Equity-Egypt — which currently specializes in Egyptian stocks — reaching EGP 265 mn since its launch in March 2020.

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