Italy-based Azimut to launch its new Egypt-focused fixed income fund

Investors can subscribe to Italy-headquartered asset manager Azimut’s new Egypt-focused fixed income fund AZ-Savings as of next Sunday, 11 October, Azimut Managing Director Ahmed Aboul Saad said, according to Amwal Al Ghad.

Azimut tapped state-owned Banque du Caire and Ahli United Bank Kuwait to sell the investment certificates and has contracted brokerage firms Mubasher, Naeem, Global Invest Securities, and Misr Capital to market and sell shares in the fund.

There were no details on how much the fund is looking to secure when the subscription period ends. Azimut earlier this year launched a Luxembourg-headquartered fund to invest in Egyptian equities, which was looking to secure USD 50 mn in AUM “as a first stage,” Abul Saad said then.