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EFG seeks to increase assets under management in Egypt

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Reuters – EFG Hermes, one of the largest investment banks in the Middle East, is seeking to expand its assets under management in Egypt by 25% this year, a senior executive said on Tuesday.

Nabil Moussa, head of asset management for EFG in Egypt, told reporters that of the $3bn in assets the bank manages in the region, $1.9bn is under management in Egypt, while the rest is managed from Dubai.

Moussa said the return on their equity funds in Egypt was between 25 and 30% last year, compared with 45% in 2012.

But he said the company was “cautiously optimistic” that political stability was taking root in Egypt, saying the firm would increase its investments.

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