Egypt’s financial institution, Beltone Financial Holding has registered assets under management totalling 30 billion Egyptian pounds (around US$4 billion) by end of last March, managing director Maged Shawky announced Tuesday.
Speaking to Amwal Al Ghad on Tuesday, Shawky revealed Beltone’s plans to raise the volume of its AUM in the coming period through diversifying its portfolios and support existing products, notably the exchange-traded funds (ETFs)
Beltone will be starting a major promotional tour for its ETF soon, the official added.
In mid January, Egypt’s stock exchange has launched the first ETF on local market, XT Misr ETF that mirrors the performance of the country’s EGX 30 stock index.
ETFs are typically funds that track equity indexes, though they can also track commodities and other assets, with component stocks usually represented in proportion to the size of their market capitalization.
ETFs are traded like a stock and can allow investors to diversify their risks and reduce transaction costs.