Beltone Asset Management to manage Sabayek gold fund

Beltone Asset Management has been awarded the management of Beltone Evolve Gold Fund “Sabayek”, according a statement released on the company’s website.

Sabayek, co-sponsored by Beltone Securities Holding and Evolve Investment Holding, is aimed to invest directly in physical gold bullion with a minimum purity of 999.9. The fund targets to raise EGP10 million through the offering of 100,000 units, each with a nominal value of EGP100. It boasts an initial seed capital of EGP5 million, which has already been subscribed to by the fund co-sponsors.

The primary objective of Sabayek, according to the statement, is to offer investors an alternative venue for investing in gold in Egypt, addressing the increasing global demand for gold as an inflation and currency hedge, as well as for achieving portfolio diversification.