Egypt’s AAIM posts 50% rise in AUMs this year

Egypt’s Arab African Investment Management (AAIM), part of the Arab African International Bank (AAIB), reported a strong surge in its assets under management this year.

The AUMs reached 4.5 billion Egyptian pounds ($255 million), around 50 percent higher from a year ago, consisting of mutual funds and portfolios of individual and institutional clients.

“We are seeking to run new financial portfolios, in equity or fixed-income instruments, and start negotiations with some financial institutions to launch a new mutual fund of its kind in the Egyptian market.” AAIM’s managing director Mohamed Mostafa said Tuesday.

AAIM is currently running several funds, including Shield, the second biggest equity fund in the Egyptian market by market value, in addition to the money market fund Juman, the fixed income fund Gozoor, and most recently the capital guaranteed fund Guard, Mostafa added.