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Gulf fund outflows halve to $26.1M in June – EFG Hermes

Fund managers report fund outflow dipping by 50 percent, with Saudi Arabia accounting for the bulk of the amount recorded - Reuters


July 12, 2011 1:42 by

Fund managers in the Gulf saw investor outflows halve in June form the previous month, while the region continued to witness net redemptions, Egyptian investment bank EFG Hermes said in a research note.

Outflows for Gulf funds halved to $26.1 million with Saudi Arabia, the largest Gulf Arab stock market, accounting for the bulk of the amount.
Middle East Africa-dedicated funds fared worse with a further $112 million outflows in June, EFG said in a note dated July 11. Outflows from Middle East, North Africa (MENA) funds eased to $30.5 million, the note said.

Global emerging market funds increased their exposure to MEA funds to 0.82 percent of overall exposure, from a historic low of 0.71 percent in May.

The increase was primarily driven by a rise in exposure to Egypt, the North African country aiming to rebuild itself after a political crisis toppled the government.

Investment funds operating in the unsettled MENA region were forced to refuse redemption requests by clients earlier in the year following a prolonged closure of Egypt’s bourse and a slump in stock market values. (Reporting by Mala Pancholia, Writing by Dinesh Nair, Editing by David Hulmes)


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