Evolve to take its third gold fund to market before the end of next month: Asset manager Evolve Investment Holding plans to launch Egypt and the company’s third gold investment fund before the end of next month, CEO Sameh El Torgoman told Enterprise on the sidelines of the country’s first edition of the World Gold Council conference. The company has already delivered the prospectus for the new fund to the Financial Regulatory Authority (FRA), El Torgoman added.

It’s a joint venture: The fund will be launched in partnership with asset manager Al AhlyPharos — the investment banking arm of the National Bank of Egypt’s Al Ahly Capital Holding — El Torgoman said.

We knew this was coming: It first came to light back in February that Evolve would launch its third gold fund in 1H 2024 and the FRA last week announced that a subsidiary of the NBE is applying to set up another gold investment fund in Egypt.

Remember: The company launched the country’s first gold fund with Azimut in May 2023 and launched another — dubbed Beltone Evolve Gold — with Beltone Asset Management in January.

By the numbers: Since their launch, the two gold funds have reeled in about EGP 1 bn in investments from nearly 120k clients, Asharq Business reports El Torgoman as saying. In the local gold market as a whole, “Egyptians bought 60 tons of gold last year. This placed Egypt in third place in the Middle East, and first in the Arab world, in terms of purchasing gold last year,” El Torgoman told Lamis El Hadidi on Kelma Akhira last night (watch, runtime: 25:17).

Silver fund in the works? Evolve also plans to launch the country’s first silver-backed investment fund in 2H 2024, Asharq Business quotes El Torgoman as saying. The outlet had reported last month that Azimut plans to launch a silver-backed fund with initial investments of EGP 150-200 mn.

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