Al-Ahly wins mandates for two financial portfolios of 400mn Egyptian pounds

The investment arm of Egypt’s biggest state lender National Bank of Egypt, National Fund Management Company (Al-Ahly) has won new mandates to manage two financial portfolios.

The financial portfolios are with capitals worth 400 million Egyptian pounds ($22.3 million), Essam Khalifa, Managing Director of Al-Ahly, told Amwal Al Ghad on Wednesday.

One of the two financial portfolios belong to the National Social Insurance Authority (NSIA), with a capital worth 300 million pounds, Khalifa added. The second financial portfolio is for the Egyptian Agricultural Bank, with a capital of 100 million pounds.

With the two new mandates, Al-Ahly currently manages assets under management (AUMs) worth around 7 billion pounds, Khalifa said.

Al-Ahly manages seven mutual funds including various types and objectives; National Bank of Egypt Fund I (cumulative and income fund), National Bank of Egypt Fund II (periodic return), National Bank of Egypt Fund V (lottery and cumulative fund), Egyptian Saudi Finance Bank Fund (Islamic Fund), the Financial Sector Investment Fund (closed fund), National Bank of Egypt Fund IV (money market fund with daily cumulative returns), and a small portfolio of securities for the Industrial Development and Workers Bank of Egypt.