Asset management firm, Rasmala Egypt is planning to boost its total assets under management (AUMs) in Egypt by 25 percent by the end of 2017, its chairman announced Tuesday. Ahmed Abou El-Saad, Chairman of Rasmala Egypt, further told Amwal Al Ghad that the company's AUMs in the North African country currently stand at 5 billion Egyptian pounds ($285.7 million). "Such a plan (increasing Egypt AUMs) will depend on issuing a number of new financial products within the current quarter and a new mutual fund in the coming period," Abou El-Saad said. "We will continue adopting the same strategy by focusing on mutual funds, portfolio management, and the institutional businesses." he added. Rasmala is currently running two mutual funds in Egypt, which are Arab Banking Corporation's (ABC Bank) money market fund and Export Development Bank of Egypt's (EDBE) fund. Rasmala Egypt Asset Management, investment arm of European Islamic Investment Bank-Rasmala, runs a number of financial portfolios in addition to funds of the Arab Banking Corporation (ABC) and Export Development Bank of Egypt (EBE).
