Beltone Financial (BTFH.CA) has reported on Tuesday total volume of assets under management (AUM) around EGP 32 billion on terms of mutual funds and portfolios by the end of the fiscal year of 2012.
Osama Rashad, Head of investor relations at Beltone, said the rise in the total volume of AUM has contributed to boosting the Group’s profits for the FY/2012 posting gains of EGP 12.7 million.
Elsewhere, Rashad asserted that Beltone has finalized all the requirements to launch its own exchange-traded funds (ETFs) in the Egyptian market.
“Beltone is expecting Egypt’s financial regulator (the Egyptian Financial Supervisory Authority)’s approvals within the coming few days so as to launch its ETFs.” Rashad explained
“Once Beltone receives EFSA’s approvals, it will go for launching the ETFs. The exit of most of the leading firms from the market will not discourage Beltone from launching the funds.”
It is worth mentioning that Beltone Financial is the first firm to have launched the draft ETF prospectus.
