EFG Hermes’s asset management division has been awarded mandates from Ahli United Bank- Egypt to manage two funds.

The addition of the Ahli United Bank money market fund “Tharwa” and Egyptian equity fund “Alpha” brings the total number of funds managed by EFG Hermes Asset Management in the Egyptian market to 18. 

This also marks the first partnership between EFG Hermes Asset Management and Ahli United Bank - Egypt.

“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,” said Karim Moussa, Head of Asset Management & Private Equity at EFG Hermes. 

“We continue to secure mandates due to our outstanding people, our strict compliance with global best practices, and our industry-leading performance. Over the past 10 years, EFG Hermes’ funds under management have outperformed the benchmark by c. 5% per annum on a regional basis,” he added.

With the Ahli United Bank award, EFG Hermes Asset Management now manages 7 of the 27 conventional money market funds presently in Egypt. With the addition to the new mandates, cumulatively totaling more than EGP 270, the division has Egypt-focused assets under management (AuM) of EGP 10bn and regional AUM of $880m. 

Nabil Moussa, EFG Hermes’ Head of Egypt Asset Management, said: “While there will be short-term volatility, Egypt has strong potential to deliver superior risk-adjusted returns in the short, medium & 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. We will continue to expand our activities in Egypt and strive to increase our market share,” he said.