Egypt is expected to offer a citizenship-by-investment program later this year.

Italian asset manager Azimut has agreed to purchase 100% of Egyptian peer Rasmala Egypt Asset Management from Rasmala Group.

Set up in 1997, Rasmala Egypt focuses on conventional and Sharia-compliant portfolio management. The business, led by Ahmed Abou El Saad, oversaw $474m in assets at the end of November 2018.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

The firm tends to local sovereign institutions, international sovereign wealth funds, pension plans, public banks and HNWIs.

The deal marks Azimut’s first foray into Egypt, a country that the firm believes offers a “significant opportunity”.

Reasons include the country’s fast growing demographics, relatively low urbanisation level, and relatively low market capitalisation of the economy.

Rasmala Egypt will be rebranded to Azimut Egypt Asset Management upon deal completion.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Azimut chairman Pietro Giuliani said: “The investment in Egypt confirms our commitment in expanding our MENA and Turkey regional footprint which will see Azimut as the first global asset manager with investment teams on the ground in Dubai, Cairo and Istanbul with an oversight on markets which we expect to attract significant interest from global investors.

“This investment will also enable Azimut to capitalise on its integrated financial advisory model in a sizeable retail market carrying exciting prospects in the medium term. It marks the first move of the Group in Africa, a vast region offering unique untapped opportunities for product management and distribution expansion.”

Rasmala was founded in 1999 and is listed on the AIM market of the London Stock Exchange. In 2018, its AuM was $1.7 billion. The investment manager focuses primarily on the Middle East with its main exposure to GCC market.