Asset manager Acumen-Beltone handed three-year suspension. The Egyptian Financial Supervisory Authority (EFSA) has handed asset manager Acumen-Beltone a three-year suspension, Al Mal reported. Acumen-Beltone chairman Hany Tawfik tells the newspaper that the move came after the company’s general assembly voted six months ago to suspend activities until it rebrands as Acumen-BPE and secures new business. Acumen-Beltone is a JV between Acumen Holding and BPE Partners (formerly Beltone Private Equity) that was most recently chosen by the Housing and Development Bank to manage its EGP 500 mn real estate fund. Beltone Financial Holding released an emailed statement noting it has no financial, management or other ties to Acumen-Beltone.

In other industry news this morning, EFG Hermes is reportedly in the lead to manage an EGP 500 mn portfolio for the Ministry of Religious Endowments, Al Borsa reports.

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