Azimut to launch its Egypt-oriented fund in February

Azimut to launch USD 10 mn Egypt-focused equity fund in February: Italy-based asset manager Azimut will launch a fund to invest in Egyptian equities in February 2020, Managing Director Ahmed Aboul Saad told the local press. The USD 10 mn fund will be launched in Luxemburg and will focus on collecting funds from Egyptian expats to invest in the local market. Azimut previously said it would launch the fund this year. The company has also submitted a request to the Financial Regulatory Authority to access “new financial tools,” Aboul Saad said, without disclosing what these tools, saying only that they focus on attracting foreign investments. He noted that the FRA’s approval is still pending, and did not say when the approval is expected to come through.