Egypt’s investment bank CI Capital is negotiating to win the management of an equity fund for one of the banks operating in the country, managing director Amr Abol-Enein told Amwal Al Ghad on Monday.
The fund is with an authorized capital worth 50 million Egyptian pounds ($2.7 million), Abol-Enein said.
“We are seeking to sign the contracts to run the new fund before the end of the first half of the current year, in preparation for launching it before year end.” Abol-Enein stated.
This is part of CI Capital’s strategy to boost its volume of assets under management (AUMs) by running new mutual funds in the upcoming period, he added.
CI Capital’s total AUMs stood at worth 8 billion Egyptian pounds by the end of 2016.
CI Capital is currently running 11 mutual funds, including five equity funds and six others for money market and fixed income, notably the two owned by Egypt’s biggest private-run lender, Commercial International Bank (CIB), namely Osoul and Thabat.