AFIM to increase assets under management by 65%

Tuesday 10 July 2018 07:27 PM

Managing Funds
Managing Funds

By Ahmed Aly
Al Ahly Financial Investments Management plans to increase assets under management  by 65% to EGP15bn next year in addition to executing a comprehensive plan for restructuring assets and qualifying personnel.
" AFIM aims at divesting itself from some listed companies so as to preserve portfolio quality and returns," managing director of the company Adel Kamel told Al-Mal newspaper.
All mutual funds managed by AFIM are due to be restructured with the aim of upgrading the funds that performed badly during the first half of this year.
AFIM was managing six mutual funds valued at EGP7.9bn late  1st quarter of this year, as mutual funds, except  Al-Ahly Cash Fund, did not so nicely in the first half of this year.
The restructuring plan, due to finish off late this year,  will involve qualifying the staff and the redistribution of tasks and roles, he noted.
Also, assets under management are targeted  to be increased to EGP15bn by 2019 up from EGP9bn late first half of this year with a focus on augmenting cash funds managed by AFIM in collaboration with the National Bank of Egypt.