MEDAF Investments, a newly established business group, has acquired the full shares of Guardian company for the formation and management of securities portfolios and investment fund management.
Chairperson of MEDAF finance holding Hamdy Rashad, told Daily News Egypt that Guardian will launch its first product next month or before the end of this year, adding that the company is currently in negotiations with banks and financial institutions to issue a new investment fund managed by Guardian. However, he declined to announce the type of fund.
Rashad pointed out that Guardian is not currently engaged in any activities and does not have any investments.
The new fund will be its first product, with other products that are planned to be announced in the coming period, all of which will be different from the current funds’ schemes.
He said that the ideas for the funds that the company intends to manage includes establishing a real estate fund, but legislation problems may hinder this step.
Rashad added that the goal of acquiring Guardian is to enter into the field of establishment and management of funds and investment portfolios, within MEDAF’s strategy to spread in the local and regional market in addition to some African and European financial markets.
Guardian is an Egyptian joint stock company specialised in the formation and management of securities portfolios and investment fund management with an authorised capital of EGP 50m, while the issued capital is EGP 5m.
The founders of Guardian are BPE Partners (45%), Acumen Asset Management (45%), while renowned economist Hany Tawfik holds 10% of the company’s shares.