London, Dubai and Cairo, 08 January 2019: Rasmala Holdings (“Rasmala” or the “Group”), an independent alternative investment group, announced that it has agreed to sell 100% of Rasmala Egypt Asset Management SAE (“Rasmala Egypt”) to Azimut Group (“Azimut”), one of Europe’s leading independent asset managers. Following completion, Rasmala Egypt will be renamed Azimut Egypt Asset Management. The asset management business of Rasmala Egypt was founded in 1997 and until 2007 was part of ABN Amro Bank. Today it is one of the largest independent asset managers in Egypt with Assets under Management of EGP 8.5 billion (USD 475 million) on behalf of Government Related Entities, Sovereign Wealth Funds, pension funds and HNWIs.
Zak Hydari, Chief Executive of Rasmala, commented: “Rasmala is pleased to agree the sale of 100% of Rasmala Egypt Asset Management to Azimut Group. Under our ownership Rasmala Egypt became a market leader with a track record of strong and stable investment performance despite challenging market conditions.” Hydari added: “We are confident the business will continue to go from strength to strength as part of the Azimut Group.”
About Rasmala Group
Rasmala Group (“Rasmala”) is a leading alternative investment group. Rasmala invests globally as principal as well as on behalf of its investors including pension funds, family groups, corporates, financial and government institutions. This publication is issued by Rasmala Holdings Limited (“RHL”), a member of the Rasmala Group.
For more information please contact:
Rasmala Holdings Limited
Tel: +971 4 363 5600