Originally launched with a cap of LE100m, the Fund has been oversubscribed to the amount of LE152,835,800, taking advantage of EFG-Hermes' regional expertise in Fund management, along with the Principal Bank for Development and Agricultural Credit's high level of distribution throughout Egypt.
"Needless to say, we are ecstatic over the results we have achieved thus far," says Abdel Moneim Omran, Vice President in EFG-Hermes Asset Management. "It is a privilege for us to manage this Fund, which has been able to expand the reach of the stock market into previously untapped areas".
The Al Massy Fund, an open-investment Fund, aims to maximize returns and reduce risk through a policy of investment diversification and fixed income.
It is a balanced Fund - 40% equity and 60% fixed income - with a minimum subscription of five Investment Certificates (IC) at an initial cost of LE100 per IC.
Also available is the option of borrowing from the bank while using the Investment Certificates as collateral.
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Al Massy Fund achieves subscription of 152%
- Egypt: Sunday, April 06 - 2008 at 15:10
- PRESS RELEASE
The Al Massy Fund - with leading regional investment bank EFG-Hermes as Fund manager, together with the Principal Bank for Development and Agricultural Credit - has seen exceptional demand, with a subscription rate of 152%following its launch in February.
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About EFG-Hermes Asset ManagementEFG-Hermes Asset Management is the region's leading Asset Manager with offices in Egypt, UAE, Qatar and Saudi Arabia. It offers traditional and alternative investment solutions for institutional, high net worth and retail clients including independent fund and portfolio management services. Total assets under management exceed $7 billion as of February 2008.
EFG Hermes Asset Management manages both institutional funds and dedicated portfolios with diverse strategies. These include sector and country specific mandates, Shariah compliant (Islamic) funds and portfolios as well as a variety of money markets and fixed income strategies. Two of EFG-Hermes flagship funds, the Middle East and Developing Africa (MEDA) Fund and the Egypt Fund, were granted "AA" ratings in 2007 by Standard & Poor's.
For more information on EFG-Hermes please contact:
Rasha Kashkoush
Hill and Knowlton
Tel: +971 4 3344930
Mobile: +971 (0) 50 4506533
Amr Gamal
Hill and Knowlton Egypt
Tel: +202 27365571
Mobile: +2 012 3982055
Posted by Eman HassanSunday, April 06 - 2008 at 15:10 UAE local time (GMT+4)
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This article was updated on Mon Apr 07 2008.
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