Ahli United Bank (AUB) has received the final approval of Egyptian Financial Supervisory Authority last Thursday on its second investment fund “Alpha” that targets investing in securities with capital of EGP 25 million and is managed by Cairo Holding for Financial Investments.
The fund is expected to be launched in July after the presidential elections and the stability of the political scene which will contribute in the recovery of stock market.
It is notable that the Bank’s Wealth Fund was ranked as best performing last April, up from the fourth position among a list of 22 funds operating in the market. The return on the fund rose by more than 10% annually.
Wealth Fund was 2.2 times oversubscribed with value of EGP 220 million and it invests in fixed-income instruments and is also managed by Cairo Holding for Financial Investments.
Sources expected banks to expand in offering investment funds that invest in fixed-income instruments such as treasury bills and bonds in the upcoming period after the return on these instruments exceeded 15%.