EGYPT - Robeco said it will enter the Egyptian market through a convertible loan arrangement with local firm Obelisk, which can be exchanged for a 49% stake in the company's equity.
Obelisk Portfolio and Investment Fund Management SAE, an asset manager established in Cairo, was founded earlier this year by Dr. Sameh el-Torgoman, former chairman of the Egyptian stock exchange and Ahmed Khedr, portfolio manager and former CEO of Obelisk Securities.
Obelisk will focus on active asset management in Egypt and the Middle East using managed accounts and investment funds. Robeco will launch a Luxembourg-based MENA (Middle East North Africa) equity fund, for which Obelisk will act as adviser.
Robeco said that by financing this startup asset manager, it continues to promote its ‘seed in emerging markets’ strategy. This strategy is currently focused on the Middle East, India and China.
Last year Robeco partnered with Rana Investment Company in Saudi Arabia, to develop investment products for the Saudi market.
Robeco manager of corporate development Keimpe Keuning said: “Egypt fits with our high growth regions strategy. Our intention with this venture is to back this new company and have it advise on the MENA fund we are intending to launch this year. We are also looking at opportunities in China for the future.”
This follows last week's announcement by Robeco that it has teamed up with Canara Bank of India to launch an asset management venture in India, called Canara Robeco Asset Management
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