CIAM aims to maximise the volume of assets under management during the current year by acquiring a number of portfolios and establishing and managing new investment funds.
Amr Aboul-Enein, the CEO and Managing Director of CIAM — the asset management arm of the CI Capital Group — revealed that the company aims to increase the base of assets under management to EGP 20bn by the end of this year after the size of assets exceeded EGP 15bn by the end of 2021.
He told Daily News Egypt that portfolios constitute the largest share of the volume of assets under management, in addition to the funds, which currently number about 12 funds.
Aboul-Enein also revealed that the company is preparing during the current year to launch four new funds this year with a total target size of about EGP 1bn, as it seeks to establish a cash fund for CI Capital with an initial size of EGP 100m to be ready for subscription before the end of the second quarter (2Q) of this year.
The fund is scheduled to invest in short-term debt instruments, and it will be directed to individuals and companies alike to manage cash liquidity with a daily return. The fund’s founding capital is about EGP 5m.
He added that work is underway to establish another fund for commodities that invests in precious metals and a fund for shares, in addition to CI’s endeavour to seize the management of another monetary fund for a private financial institution, stressing that the first half (1H) will witness the establishment of at least two funds.
He revealed that the procedures for establishing the Commodity Fund and the Cash Fund have reached advanced stages, refusing to disclose any other details.
He also explained that what contributed to the increase in the volume of assets under management in 2021 was the acquisition of a number of portfolios and the opening of some closed funds, such as the Commercial International Bank’s Osoul Fund, and the Thabat Fund for Fixed Income, pointing out that a fund of assets was opened in the beginning of last year.
Aboul-Enein expects the fund to remain active until the end of this year and refused to disclose its current size.