Misr Life Insurance Company - one of the Misr Holding Company's subsidiaries - and Misr Capital - the investment arm of Banque Misr - have launched an investment fund with an initial amount of EGP100m ($6.4m) that will focus on liquid financial instruments.
This is Misr Life's first investment fund that is subscribed to through Misr Capital and Misr Capital Bond Brokerage, reported Amwal Alghad.
Dr Ahmed Abdel Aziz, managing director of Misr Life which is also Egypt's biggest life insurer, says that this fund is the first investment vessel launched by the company in the Egyptian capital market, as it aims to provide an investment avenue for individuals and institutions alike.
He adds that the fund’s assets will be invested in highly liquid financial instruments, such as debt instruments issued by the government and companies, in addition to repurchase agreements and other money market instruments, with average maturities not exceeding 150 days.
Misr Capital is the largest investment manager in the Egyptian market in terms of total assets under management.