EFG Hermes to manage two AUB funds

CAIRO – 2 July 2017: Egypt’s Ahli United Bank (AUB – Egypt) has mandated the management of two funds to the asset management division of EFG Hermes, according to a press release published Sunday.

This is the first partnership between EFG Hermes Asset Management and AUB – Egypt.
EFG Hermes Asset Management has raised the number of funds it manages in the Egyptian market to 18, after the addition of the two recent funds, the Ahli United Bank money market fund ‘Tharwa’ and the Egyptian equity fund ‘Alpha.’

“We are delighted to have earned the trust of Ahli United Bank – Egypt with these two mandates, which come as the Egyptian capital market is gaining momentum, leading a growing number of investors to become willing to deploy funds here,” the head of asset management and private equity at EFG Hermes, Karim Moussa, said.

Moussa noted that the funds managed by EFG Hermes have outperformed the benchmark by 5 percent per annum over the past 10 years on a regional basis.
EFG Hermes Asset Management now manages seven of the 27 conventional money market funds presently in Egypt, including AUB – Egypt’s award.

With the addition to the new mandates worth LE 270 million ($14.9 million), the asset management division has Egypt-focused assets under management (AuM) of LE 10 billion ($552 million) and regional AuM of $880 million, the statement added.