EFG Hermes takes over management of HSBC Egypt money market fund

EFG Hermes, the leading financial services corporation in the Middle East and North Africa (MENA) region, has taken over management of the EGP 1.6 billion HSBC Egypt Money Market Fund. The mandate brings the division’s Egypt-focused assets under management (AUM) to EGP 10.5 billion.

“Our track record and world-class practices consistently attract new business to our asset management division. Our competitive advantages are from the natural outgrowths of our people, our culture and best-in-class procedures that underpin all of our lines of business. It’s exactly this culture that met our business partners’ expectations prior to the team’s appointment as manager,” said Nabil Moussa, Head of Egypt Asset Management.
Added Khalil El Bawab, Managing Director at EFG Hermes Asset Management: “Our division has delivered consistent performance over the long haul across fund types, from money market funds to fixed income and equities. We look forward to further announcements of this type in the months ahead as we actively compete for new mandates.”

“EFG Hermes Asset Management continues to weather challenging regional conditions with innovative investment themes,” Moussa added. “In addition to growing our domestic market, our asset management business is serving European investors with the EFG Hermes MENA UCITS and the Frontier Equity funds launched earlier this year. Winning three Thomson Reuters Lipper Fund Awards for 2016 is a testament to a division that excels in providing consistently strong risk-adjusted performance relative to its peers.”