Azimut Egypt’s fixed income fund raised EGP295.3, oversubscribed by six times

Azimut Egypt announced its first local fixed income fund was successfully oversubscribed by almost six times.

Azimut’s first local investment fund in Egypt raised  295.3 million Egyptian pounds after nine working days of subscription, making the company increase the maximum fund’s limit to 500 million pounds before the end of the subscription period.

This is the first mutual fund to be launched and managed by an investment manager in Egypt after the Financial Regulatory Authority (FRA) allowed asset management companies with equities of more than 50 million pounds to directly create their own investment funds.