Italian asset manager Azimut has struck an agreement to acquire 100% of Rasmala Egypt Asset Management from its parent Rasmala Group for an undisclosed sum.
The purchase is Azimut’s first foray into the Egyptian market, a country which it claims offers a “significant opportunity” due to fast growing demographics and a relatively immature investment market given that just 1% of GDP resides in mutual funds.
Rasmala Egypt, headed by Ahmed Abou El Saad, had $474 million assets under management as of November 2018, the majority of which was invested in equites.
Based in Cairo, Rasmala currently has 10 investment professionals advising a range of sovereign wealth funds, pension plans, banks and high net-worths.
Following the purchase, the firm will be rebranded as Azimut Egypt Asset Management.
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