CI Asset Management (CIAM), the asset management arm of CI Capital, aims to launch three new funds this year with an initial size of EGP 1bn. Amr Aboul-Enein, the company's Managing Director, said that CIAM has taken steps in the direction of establishing a cash fund affiliated with CI Capital with an initial size of EGP 100m to be ready for subscription before the end of the second quarter (2Q) of this year. He added in a statement to Daily News Egypt that the fund will invest in short-term debt instruments with a target to include a large segment of individuals and companies alike, and the capital of the founding fund will reach EGP 5m in accordance with the Financial Regulatory Authority's legislation. Furthermore, he stressed that work is underway to establish another fund for commodities, investing in precious metals, and shares. Additionally, the company is in the process of seizing the management of another cash fund for a private financial institution, stressing that the first half will witness the launch of at least two funds by the company. Aboul-Enein also pointed out that portfolios, along with funds, account for the largest share of the volume of the assets managed. Additionally, he stressed that the company is cooperating with several banks and financial institutions in the field of wealth management to offer financial products that meet the needs of clients. CIAM also aims to take over the management of various new investment funds this year.
