Cairo – Mubasher: Azimut Egypt announced that the private placement of its fixed income fund was successfully oversubscribed by almost six times.

Azimut’s first local investment fund in Egypt raised EGP 295.3 million after nine working days of subscription, making the company increase the maximum fund’s limit to EGP 500 million before the end of the subscription period, according to a statement on Monday.

This is the first mutual fund to be launched and managed by an investment manager in Egypt after the Financial Regulatory Authority (FRA) allowed asset management companies with equities of more than EGP 50 million to directly create their own investment funds.