Beltone Asset Management, a subsidiary of Beltone Financial Holding, has received initial approval from the Financial Regulatory Authority (FRA) to establish a gold investment fund. The company is currently working on fulfilling the remaining requirements and conditions specified by the FRA to finalize the establishment procedures and obtain the final approval for the fund’s issuance by the end of the current quarter.
Once established, the fund will be listed on the Egyptian Exchange, as Beltone aims to expand its portfolio of managed assets and introduce various funds to attract a broader base of investors shortly.
The FRA has implemented a comprehensive regulatory framework for investment funds in precious metals, which includes the creation of registries for metal custody service providers and entities involved in the buying and selling of metals, under the FRA’s rules and standards.
FRA Chairman, Mohamed Farid, emphasized that the regulations issued by the authority primarily aim to support the government’s initiatives in promoting financial and investment inclusion by diversifying investment options for all citizens. He highlighted that the regulations also aim to safeguard the rights of all participants by governing the operations of the investment fund in metals and the relationship between the fund and its investors.
Farid further emphasized that investment funds in precious metals, particularly gold, provide investment and savings opportunities that cater to the needs of different segments of society, enabling them to hedge against price fluctuations through participation in organized and secure investments.
