Egypt funds slump 40% in run up to clashes

Investors in Egyptian equities have seen the value of some funds fall by almost 40% over the last three years

The country was one of the first in the Middle East and North Africa to play host to government protests that would eventually spread across the region and become known as the Arab Spring. Demonstrations had remained largely peaceful – former president Hosni Mubarak’s government was ousted in 2011 – but violent clashes erupted last week between the country’s military and protesters loyal to his recently-ejected successor Mohamed Morsi.

Sun shines on real estate deals

Summer fun in the real estate sector is paving the way for an even more dramatic revival in activity later this year.

The volume of deals has already proved lucrative, attracting $369 million in investment banking fees in Europe, the Middle East and Africa, according to Dealogic, in the year to date. This compares with $225 million over the same period a year ago. Real estate analysts are confident the pace will accelerate.

Lord to replace Linhares at iShares

Joe Linhares, BlackRock’s head of iShares in Europe, the Middle East and Africa, is stepping down from his role and will be replaced by Rachel Lord, Citigroup’s global head of corporate equity derivatives, Financial News has learnt.

Lord to replace Linhares at iShares Linhares will return to the US to take on an undefined role that will be confirmed in “autumn”, according to an internal memo from David Blumer, head of Emea at BlackRock, and Mark Wiedman, global head of iShares. A spokesman for the world’s largest fund manager confirmed the contents of the memo but declined to comment further.