ArabFinance: Azimut Egypt is looking to launch three new funds and hit $1 billion in assets under management (AUM) by 2024, Azimut Egypt CEO Ahmed Abou El-Saad told Enterprise.

The first of the three funds, a fixed-income fund, is expected to launch by the end of October.

Currently, the company has EGP 9 billion worth of AUM in Egypt, EGP 6 billion of which are for institutional investors as well as regional and European sovereign wealth funds.

The other two funds are expected to be launched during the first quarter (Q1) of 2022, with one of the funds specializing in investing in Sharia-compliant debt instruments and equities.

In 2020, the company launched its first Egypt-focused equity fund, AZ Equity-Egypt, and a fixed income fund, AZ-Savings.

Azimut Egypt is part of Italys Azimut Group, which is one of the largest European Investment Management firms managing EUR 57 billion globally. The company is one of Egypts largest asset management companies with over 20 years of experience with AUM exceeding EGP 7 billion.

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