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Italy-based Azimut completes acquisition of Rasmala Egypt Asset Management

Italian asset management firm Azimut Holding SpA completed its proposed acquisition of a 100% stake in Rasmala Egypt Asset Management SAE, Amwal Al Ghad reported, citing a statement from Egypt's stock exchange.

The Milan-based company purchased 499,000 shares of Rasmala Egypt for 211.3 million Egyptian pounds, according to the report. Following the transaction, Rasmala Egypt will be renamed Azimut Egypt Asset Management.

Azimut offers mutual fund management, wealth management, life insurance and investment portfolio individual management, among other services, in Italy and across Europe. Rasmala Egypt offers conventional and Shariah-compliant portfolio management services in Egypt.

As of Aug. 6, US$1 was equivalent to 16.56 Egyptian pounds.