Misr Insurance Outsources US$14-mln Funds to Asset Manager

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Asset management company Beltone Financial will be managing a EGP100-million (US$14 million) investment fund for Misr Insurance Holding Company.

The financial instruments to be managed include fixed income assets, deposits, treasury bills, reported state-run news agency MENA.

Earlier this year, the Egyptian Financial Supervisory Authority (EFSA) authorised Beltone to establish investment funds.

Investor relations manager at Beltone Financial, Mr Osama Rashad, told MENA that one of the fund’s main benefits is that the subscription and redemption process can be carried out through the National Bank of Egypt and Banque Misr.

Source: eWeekly Middle East