Egypt - Ahmed Morshed, head of the financial advisory sector at Azimut for asset management, has revealed that the company aims to increase its portfolio of assets under management to EGP 15bn in 2023.

Morshed added to Daily News Egypt that the volume of assets under management currently amounts to more than EGP 11bn, while Azimut International manages assets estimated at more than $87bn.

He added about the company’s plan to launch about 5 new diversified investment funds during the current year.

Azimut Egypt Investment Management Company, in partnership with Nasser Social Bank, launched the “Nasser AZ” cash fund, which is in compliance with the principles of Islamic Sharia. The fund is scheduled to open next Sunday.

The subscription will be received in the various branches of Nasser Bank, and through the technological platforms of Azimut Egypt.

The fund represents the first investment funds of Nasser Social Bank, with a target capital of EGP 25m, pointing out that the price of the security reaches about EGP 10.

The fund invests in debt instruments, treasury bills, and deposits, and it can invest up to 92% of its capital.

Azimut opens the door for subscription in the “Nasser AZ” cash fund next Sunday

Ahmed Abul-Saad, Managing Director of Azimut Egypt, added on the sidelines of a press conference that the subscription will be received in various branches of Nasser Bank, and through the technological platforms of Azimut Egypt.

He added that the subscription door is available without a maximum limit, explaining that the fund’s return is completely tax-exempt, especially since cash funds provide high liquidity.

The fund aims to provide attractive returns with high liquidity for companies and the family sector, while adopting it as an Islamic instrument and the first fund to provide the advantage of a conditional gift, according to Abu Al-Saad.

Banque du Caire plays the custodian of the fund, while Azimut Misr Fund Management Company plays the role of fund manager, in addition to Catalyst providing management services in the field of investment funds.

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