EFG-Hermes, Bank Audi launch new fund
Cairo, May 10, 2009
EFG-Hermes, the leading investment bank in the Arab world, has joined hands with Bank Audi, a member of Audi Saradar Group with operations across the Mena region, to set up a money market mutual fund.
The open-ended Bank Audi Money Market Fund, the latest product managed by EFG-Hermes Asset Management, will help investors grow their capital base despite current volatility in the marketplace, said officials of the two companies.
The fund will target institutional as well as retail investors looking to preserve and grow their capital in these challenging times by investing in Egyptian fixed-income securities including Treasury bills, bonds, bank deposits and corporate bonds, said Hashem Montasser, head of Asset Management at EFG-Hermes.
“This product is highly suitable for the current economic environment. By investing in Egyptian fixed income securities, our investors would remain confident that their funds are being placed into lower risk and liquid fixed-income instruments,” he noted.
“We are delighted to be launching our first Money Market Fund,” said Bank Audi deputy treasurer, Amr Gamali.
Clients can invest into the Bank Audi Money Market Fund with a minimum investment of 100 certificates at a face value of EGP 10 each. As an open-ended fund, investors can purchase or redeem certificates in the Bank Audi Money Market Fund at any time, he added.
While some funds charge fees to join the fund or to redeem certificates (expressed either as a percentage or a flat fee), the Bank Audi Money Market Fund is a no-load fund with no subscription or redemption charges, helping investors maximize their returns.
EFG-Hermes Asset Management has $5.5 billion in assets under management in listed equities and fixed income, money market funds and private equity investments at the end of 2008.
The fixed income division currently manages mutual funds for Bank of Alexandria, NSGB, and Crédit Agricole.
With a track record of product innovation and outstanding customer service, award-winning Bank Audi has recently been named Global Finance magazine’s Best Emerging Market Bank for Syria 2008, Euromoney’s Best Local Private Bank in Lebanon 2008 and has been The Banker’s Bank of the Year — Lebanon for two years running.-TradeArabia News Service