Cairo – Mubasher: EFG Hermes on Sunday announced that its asset management division was awarded mandates from Ahli United Bank (AUB) – Egypt to manage two funds that are worth more than EGP 270 million, according to a recent statement.
The two funds are the AUB money market fund “Tharwa” and the Egyptian equity fund “Alpha”, bringing the total number of funds managed by EFG Hermes Asset Management in the Egyptian market to 18.
EFG Hermes said the division has Egypt-focused assets under management (AUM) of EGP 10 billion and regional AUM of $880 million.
Winning the management of these two funds marks the first partnership between EFG Hermes Asset Management and AUB Egypt, EFG Hermes said in the statement.
“Over the past ten years, EFG Hermes’ funds under management have outperformed the benchmark by 5% per annum on a regional basis,” the head of asset management & private equity at EFG Hermes, Karim Moussa, said.
