Misr Capital launches first investment fund for CIAF

This fund is to provide an investment method for both individual and institutional investors

  
Image used for illustrative purpose only. Traders work at the Egyptian stock exchange in Cairo, May 28, 2015.

Image used for illustrative purpose only. Traders work at the Egyptian stock exchange in Cairo, May 28, 2015.

REUTERS/Mohamed Abd El Ghany

Misr Capital, the investment arm of Banque Misr, announced the launch of the first investment fund for the Civil Aviation Financial Holding Company (CIAF) with an initial size of EGP 100m to be subscribed later through the company and its subsidiary Misr Capital Fixed Income Brokerage.

Khalil El-Bawab, CEO and Managing Director of Misr Capital, said that the company continues to emphasize its leadership in the asset management sector by continuing to launch investment products that suit the Egyptian market. This is evident in launching four funds since the beginning of the year, three of which are for cash liquidity with a cumulative daily return. In addition to the Misr Capital Fund for Investment in Debt Instruments which was established by the company at the beginning of last month. This highlights the competitive elements enjoyed by Misr Capital and its being the investment banking services arm of one of the largest and most prestigious banks operating in Egypt and Africa.

He added that the goal of launching this fund is to provide an investment method for both individual and institutional investors. The fund’s assets will be invested in short and medium-term, highly liquid, financial instruments such as debt instruments issued by the government and companies, in addition to sukuk and certificates issued by the Central Bank of Egypt (CBE), as well as repurchase agreements and other money market fund documents.

El-Bawab indicated that the fund allows individual investors to invest with the aim of maximizing returns and providing liquidity through a fund that provides a cumulative daily return. It is managed by experts with diverse experiences and a philosophy that applies the highest standards of governance and risk management, as well as a strategy that is unique to the asset management sector in Misr Capital in the Egyptian market.

Misr Capital succeeded in increasing its managed assets to more than EGP 32bn, getting closer to its target of EGP 35bn, as announced.

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