Ehab Rashad, managing director of Mubasher Securities International and board member of Mubasher Securities Portfolio Management, said that the latter is negotiating the management of two private insurance portfolios valued at EGP 460m.
Rashad also said that one of the two portfolios belongs to a public institution and is worth EGP 300m, while the other belongs to a private company and is worth EGP 160m.
He expects the negotiations between Mubasher and the two parties to be completed before the end of the year, as Mubasher aims to expand in the field of private insurance portfolios. The aim is to increase the volume of the portfolios it manages, especially now that the total volume of the insurance portfolios in the local market has exceeded EGP 53bn.
In the same context, Rashad mentioned that Mubasher is waiting for the approval of the Egyptian Financial Supervisory Authority (EFSA) on a contract it previously concluded with a company to manage an insurance portfolio valued at EGP 300m. Mubasher will announce the details of the deal after EFSA’s approval.
EFSA issued amendments on the regulations of the private insurance funds, which obliges bodies that own the fund to contract a financial portfolio management company or hire a full-time investment manager if the volume of the fund or the portfolio reaches EGP 100m.
Rashad said that Mubasher Securities Portfolio Management held a general assembly meeting three weeks ago in which it adopted adding the fund management services. The company is waiting for EFSA to approve the meeting decisions to be able to add this service.
