AUB’s Alpha Mutual Fund is Approved By EFSA

Egyptian Financial Supervisory Authority (EFSA) has initially approved “Alpha” Fund to be launched by Ahli United Bank (AUB).

Sources said AUB assigned the fund’s management to Cairo Holding for Financial Investments, which is currently preparing the IPO prospectus. Alpha Fund may be offered by next May, sources added.

Alpha Fund’s capital is EGP 25 million investing in securities, sources said.

Alpha Fund is the second mutual fund launched by AUB after its “wealth fund” which was oversubscribed by 2.2 times investing in fixed income instruments.

It is worth mentioning that AUB Egypt achieved 19% net profit growth in value to EGP 31 million in 2011 as it reached EGP 195 million up from EGP 164 million in 2010.