Azimut’s third Egypt-focused fund raises EGP 71 mn in initial subscription

Azimut’s new Egypt-focused equity fund ​AZ-Opp has raised AUM of EGP 71 mn in its initial subscription period, with Azimut Group Managing Director Ahmed Abou El Saad telling Al Mal that more that the fund met substantial appetite from some 500 investors. Azimut aims to have EGP 250 mn in AUM for the fund, which is now trading.

This is the first of two new funds Azimut plans to launch this year: Abou El Saad said in April that the asset manager had obtained all necessary approvals for the funds. Azimut launched last year its first Egypt-focused equity fund, AZ Equity-Egypt, and a fixed income fund, AZ-Savings.