Egypt’s Al-Ahly plans launch of stock fund before 2016-end

National Fund Management Company (Al-Ahly), the investment arm of Egypt’s biggest state lender National Bank of Egypt, plans to establish a stock fund before the end of 2016.

The fund will be open-ended tailored to invest in stocks, bonds, and treasury bills, Al-Ahly’s managing director Essam Khalifa told Amwal Al Ghad Wednesday.

“The fund is still under study; its capital has not been decided yet.” Khalifa said.

Al-Ahly is managing assets worth 14.7 billion Egyptian pounds (US$1.6 billion). It manages seven mutual funds including various types and objectives; National Bank of Egypt Fund I (cumulative and income fund), National Bank of Egypt Fund II (periodic return), National Bank of Egypt Fund V (lottery and cumulative fund), Egyptian Saudi Finance Bank Fund (Islamic Fund), the Financial Sector Investment Fund (closed fund), National Bank of Egypt Fund IV (money market fund with daily cumulative returns), and a small portfolio of securities for the Industrial Development and Workers Bank of Egypt.