Azimut Group, one of Europe’s leading independent asset managers, signed on Tuesday an agreement to acquire 100% of Rasmala Egypt for asset management from Rasmala Group, an independent alternative asset management group. Following the acquisition, Rasmala Egypt will be renamed Azimut Egypt Asset Management. Rasmala Egypt, founded in 1997, specialises in conventional and Sharia-compliant portfolio management in Egypt, with assets under management (AUM) of EGP 8.46bn ($474m) as of November 2018, with strong expertise in equity strategies, representing 85% of the total AUM. Ahmed Abou El Saad, CEO of Rasmala Egypt stated, “This acquisition is considered as the most important in the Egyptian capital market for years. In addition to Egypt’s relatively low market capitalisation of the economy, Egypt’s equity market represented almost 25% of the GDP in 2017 vs 30% in Turkey, and 48% in Brazil.

Source: Daily News Egypt January 09, 2019 08:03 UTC