CAIRO: The Al Massy Fund has seen exceptional demand, with a subscription rate of 152 percent following its launch in February, according to a press statement.
Originally launched with a cap of LE 100 million, the fund has been oversubscribed to the amount of LE 152,835,800, “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, according to the statement. It is a balanced Fund – 40 percent equity and 60 percent fixed income – with a minimum subscription of five Investment Certificates (IC) at an initial cost of LE 100 per IC. Also available is the option of borrowing from the bank while using the Investment Certificates as collateral.
