EFG-Hermes: AUMs hit $2.4 billion in Q1

Egypt’s EFG-Hermes, one of the largest investment banks in the Middle East, has recorded first quarter assets under management totalling $2.4 billion, its chief executive said Thursday.

Karim Awad, CEO of EFG Hermes Holding, further said that his firm managed early this year to launch two new funds namely; EFG Hermes MENA UCITS Fund and EFG Hermes Frontier UCIT Fund, in a successful bid to bolter EFG-Hermes’ assets.

EFG Hermes MENA UCITS is a UCITS clone of the firm’s flagship EFG Hermes MEDA Fund; while EFG Hermes Frontier UCIT Fund aims to provide investors with access to frontier markets.

The investment bank executed in the first quarter Egypt’s first IPO of 2016 for the Arabian Food Industries Company (Domty), serving as sole global coordinator and bookrunner. The $127 million transaction generated demand of $ 768 million, with the offering being 6.0x oversubscribed (13.1x excluding cornerstone investments). With stabilisation mechanics for the transaction running well into the month of April, revenue from the transaction will be booked in the second quarter.