National Fund Management’s Total Assets Hit EGP 9 Bln

The National Fund Management Company has reported total assets of EGP 9 billion by the end of July 2012.

Dr. Essam Khalifa, managing director, said the company’s volume of mutual funds has dwindled since the beginning of 2011; while the fixed income funds have witnessed a growing demand from the investors.

“Accordingly, this has contributed to boosting the company’s total assets.”Khalifa added

The company currently manages seven funds including various types and objectives as follow; National Bank of Egypt Fund 1 (Cumulative & Periodical Income Fund), National Bank of Egypt Fund 2 (Income Fund – Current Return), National Bank of Egypt Fund 4 (Money Market Fund – Cumulative & Periodical return),  National Bank of Egypt Fund 5 (Lottery & Cumulative Fund), National Bank of Egypt and Baraka Islamic (Bshaeir) Fund 6 (Islamic Fund), National Bank of Egypt Fund 8 and Financial Sector Investment Fund (Closed fund).

The Financial Sector Investment Fund is currently closed; It was established on March 24, 1999. The mutual fund is owned by the National Bank of Egypt (NBE), Banque Du Caire besides a group of insurance firms.

“The National Fund Management Company is planning to establish some other mutual funds (Islamic Funds). “