Amr Abol-Enein, CEO and Managing Director of CI Asset Management (CIAM), the asset management arm of CI Capital, revealed that they aim to increase their asset management portfolio to EGP 50bn by the end of this year. The portfolio exceeded EGP 48.4bn last September. Abol-Enein told Daily News Egypt that the company aims to launch new funds during the next year, following the investment fund "Misr Equity" that tracks equities with cumulative return that was launched earlier this year. He emphasized that the fund is the first of its kind in the Egyptian market, and that is why it attracted investors wishing to achieve returns on a specific type of asset, which is stocks that follow one of the money market indexes. He hinted that with the state's tendency to encourage a culture of saving, the fund would be the most suitable for the investor who has liquidity and is looking for investment vessels in stocks with fewer and more diversified risks with no concentration and bypassing the risk of "the possibility that an investment manager will not outperform the returns of the index." He added that work is underway to establish another commodity fund that invests in precious metals, and a cash liquidity fund, and seeks to win the management of another monetary fund for the benefit of a private financial institution. Abol-Enein said that the mergers between the asset management activities of CI Capital and Misr Capital, in a new entity, have reached the final stages.
