Egypt’s HC Securities says plans 20% rise in AUM this year

Egyptian investment bank HC Securities and Investment is planning this year to boost its assets under management business by 20 percent, its head of asset management Omar Radwan announced Monday.

Radwan told Amwal Al Ghad that HC’s AUMs currently stood at around 4 billion Egyptian pounds (US$510.8 million), involving 35 financial portfolios and 14 mutual funds.

Around 60-70 percent of current assets are invested in stocks of publicly traded companies listed in the Egyptian stock market; while money market funds seize 25 percent of total assets, HC’s official added.

HC is currently studies running a number of planned mutual funds to be launched in Egypt by some banks and financial institutions this year, he said.

HC currently manages 14 mutual funds, notably National Bank of Egypt Fund III and Suez Canal Bank Fund I.