Banque Du Caire is set to receive subscriptions on Arab Misr Insurance Group (GIG)’s second mutual fund, said head of investment sector at GIG Mohamed Nagah Nour. This comes after GIG signed an agreement with Banque Du Caire on Wednesday.
GIG plans to launch its second mutual fund within the upcoming period, with capitalisation worth EGP 100 million, he noted.
Prime Holding will manage GIG’s second mutual fund, he added.
About the new mutual fund, Nour told Amwal Al Ghad it is a low-risk daily cumulative return fund that will invest in treasury bonds, treasury bills, deposits and private investment funds.
Moreover, Nour told Amwal Al Ghad that GIG has obtained the Egyptian Financial Supervisory Authority (EFSA)’s approval to launch its second launch.
GIG had issued its first mutual fund in 1995, namely AMIG.