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EFG-Hermes and Bank Audi launch money market mutual fund

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EFG-Hermes, an Egyptian investment bank, in partnership with Bank Audi, a member of Audi Saradar Group, has launched the Bank Audi Money Market Fund.

EFG-Hermes, an Egyptian investment bank, in partnership with Bank Audi, a member of Audi Saradar Group, has launched the Bank Audi Money Market Fund.

EFG-Hermes Asset Management will manage the fund.

The open-ended fund will target institutional as well as retail investors by investing in Egyptian fixed-income securities including Treasury bills, Treasury bonds, bank deposits and corporate bonds.

Clients can invest into the Bank Audi Money Market Fund with a minimum investment of 100 certificates at a face value of EGP10 each. As an open-ended fund, investors can purchase or redeem certificates in the Bank Audi Money Market Fund at any time. The new fund is a no-load fund with no subscription or redemption charges.

Amr Gamali, deputy treasurer of Bank Audi, says: "We are delighted to be launching our first money market fund. Investors can invest into the Bank Audi Money Market Fund at any of our branches across the country knowing they are buying a well-managed product that will harness Egypt’s economic growth and stability."

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