Egyptian investment bank EFG Hermes announced Sunday it has won mandates to manage two funds for the Ahli United Bank-Egypt. The funds, Tharwa and Alpha are with capitals worth more than 270 million Egyptian pounds ($15 million). This is the first partnership between EFG Hermes' Asset Management division and Ahli United Bank – Egypt. The addition of the Ahli United Bank money market fund Tharwa and equity fund Alpha brings the total number of funds managed by EFG Hermes in the Egyptian market to 18. "Over the past 10 years, EFG Hermes' funds under management have outperformed the benchmark by c. 5 percent per annum on a regional basis." said Karim Moussa, head of asset management & private equity at EFG Hermes. "While there will be short-term volatility, Egypt has strong potential to deliver superior risk-adjusted returns in the short, medium, and long term. It is against this type of background that we have historically delivered consistent long-haul performance across fund types, from money market funds to fixed income and equities." Nabil Moussa, EFG Hermes' Head of Egypt Asset Management, noted that EFG will continue to expand its activities in Egypt and strive to increase its market share, Moussa added. With the Ahli United Bank mandate, EFG Hermes currently manages seven of the 27 conventional money market funds presently in Egypt. The investment bank has Egypt-focused assets under management (AuM) of 10 billion pounds and regional AuM of $880 million.
