Rasmala- Egypt to transfer ownership to Italy’s Azimut

Wednesday 09 January 2019 01:25 PM

Azimut Group
Azimut Group

By Ahmed Aly:
The ownership of Rasmala- Egypt’s shares would expectedly be transferred to Azimut Group, one of Europe's leading independent asset managers, in the next few days, according to the managing director of Rasmala Ahmed Abul Saad, who added that Azimut manages assets of EUR 50bn, and will be the first multinational asset manager operating in the Egyptian market.
Italy-based asset manager Azimut Group announced yesterday it signed a deal to acquire 100% of Rasmala Egypt Asset Management from its parent company Rasmala Group.
The name of Rasmala Egypt Asset Management will be changed to Azimut Egypt Asset Management after completing the deal.
In statements to the Cairo-based economic daily Al-Mal, Abul Saad said that the takeover of Rasmala by Azimut would add new experiences to the latter, adding that the European group aims to achieve substantial increase in the size of managed assets in the local market through transferring its own business model, which have been applied in 17 markets.
He explained that Rasmala Group plans to increase the size of managed assets by EGP 1.5bn to EGP 10bn by the end of 2019.