CAIRO: EFG-Hermes has partnered with the Principal Bank for Development and Agricultural Credit to expand its reach and target a wider audience in Egypt through the Al Massy Fund, , the regional investment bank said in a statement. The fund - the first investment fund by the bank, with EFG-Hermes as Investment Manager - was launched with an initial value of LE 100 million, taking advantage of the Bank's high level of distribution throughout Egypt.. "We have the ability, through this partnership, to also allow a majority of the population who do not usually have access to services such as these to take advantage of this fund, and through it introduce them to the stock market, said Abdel Moneim Omran, vice president in EFG-Hermes Asset Management. The Al Massy Fund, an open-investment fund, aims to maximize returns and reduce risk through a policy of investment diversification and fixed income. The fund - 40 percent equity and 60 percent fixed income - has a minimum subscription of five investment certificates (IC) at an initial cost of LE 100 per IC. "With the success of regional markets, it is imperative that more people become aware of the benefits of the stock market, added Omran. "Funds such as these, which reach out to previously untapped areas, allow more people to experience the benefits of playing the market. Should the need arise, there is also the option of borrowing from the bank while using the Investment Certificates as collateral, EFG said in a statement.
