Egypt’s Acumen seeks AUM to double by year-end

Egypt-based investment bank, Acumen Holding says it plans to double its assets under management to 2.2 billion Egyptian pounds ($124.7 million) at the end of the current year.

Acumen’s AUMs are currently worth 1.5 billion pounds, chairperson Rana Adawi, told Amwal Al Ghad on Sunday.

The planned increase in AUMs will be driven by managing more financial portfolios owned by Gulf investors and promoting current portfolios through diversifying the group’s investments, Adawi said.

Financial portfolios capture around 90 percent of Acumen’s AUMs, related to state-run and private business sector firms in addition to public banks. Acumen also runs Bank Audi Egypt’s balanced Islamic fund Ezdehar, sponsored by Misr El Kheir Foundation.