Asset management firms are disappointed about their need to rely on private insurance funds and portfolios for generating revenues to help them transition through the difficulties of the current period. Contracting is only to comply with the Egyptian Financial Supervisory Authority’s (EFSA) terms and conditions, not to benefit from asset management firms’ expertise. Essam Khalifa, the managing director at the National Fund Management Company (Al-Ahly), said that assets companies are disappointed about generating revenues through private funds’ management and insurance portfolios to cope with the noticeable decline in assets managements’ revenue. Owners of insurance private funds and portfolios prefer to impose their vision on the full-time investment manager or asset management firm most of the time. Contracting with an asset management company is only to comply with the EFSA terms and conditions.

Source: Daily News Egypt October 23, 2016 07:30 UTC