Cairo: The National Fund Management Company (Al-Ahly), EFG Hermes Asset Management (HRHO), CI Capital Asset Management and Beltone Asset Management (BTFH) have seized a bid launched by social insurance authority to manage 4 new portfolios in shares.

Sources told Al Mal newspaper that Al-Ahly portfolio is valued at EGP 300mn while the three remaining portfolios are valued at EGP 200 – 300mn per each.

Final procedures are currently being completed via opening the portfolios accounts with Misr for Central Clearing, Depository and Registry Company, the sources added.

The portfolios will be managed through adopting a strategy based on maximization of return and minimization of risk degree by purchasing selected shares with high dividends such as those of banks, energy and petrochemical companies, the sources explained.

Awarding the auction to the bidders would bring the number of social security funds managers to 10 firms instead of 6 previously.

It should be recalled that social insurance authority channels less than 1% of its funds to be invested in the stock market.