EFG-Hermes Named Best Asset Manager For 2012
EFG Hermes (HRHO.CA) has won three MENA Fund Manager magazine awards recognizing its solid performance in 2012. The prestigious industry recognition included being named as ‘Egypt Asset Manager of the Year’ for the second time in three years.
The Division also received accolades for its top performing funds; the EFG Hermes’ Crédit Agricole III fund was named ‘Money Market Fund of the Year’ for the second time, a third win in four years for the firm in this award category; and Al Massy Balanced Fund was once again honored as ‘Balanced Fund of the Year’.
The consistent performance of these two award-winning funds affirms the Asset Management team’s ability to deliver outstanding results despite market turbulence.
“The recognition that we have received from MENA Fund Manager is an honour. We are particularly proud to be recognized as Egypt Asset Manager of the Year, among other accolades,” said Kashif Siddiqui, Co-CEO of EFG Hermes Investment Bank and Head of Asset Management.
“We made a decision early on that we would focus on preserving AUM and maintaining the strong institutional, diversified client base that would allow us to recap growth once market conditions rebound. I believe that this strategy has proven to be effective,” he added.
EFG Hermes AUM’s stood at $3.4bn at the end of 4Q2012, rising 3% Q-o-Q.
“EFG Hermes was a worthy winner of Egypt Asset Manager of the Year award, having displayed excellent performance across asset classes,” explained James Brockett, editor of MENA Fund Manager.
“The Al Massy Fund consistently outperformed its peers to win the Balanced Fund of the Year category, while the Crédit Agricole Fund III was a clear winner among money market funds for its returns achieved with a relatively low risk. Congratulations to the EFG Hermes team on their award wins and on a successful 2012,” he added.
Commenting on the strength of the asset management team, Siddiqui, said, “Our strong performance in a very challenging year can be accredited to the experienced team, and was only possible with the unwavering support of our clients and partners.”
“We look forward to continuing the progress we made in 2012, a year in which our money market funds and equity funds have performed better than they have in years,” continued Siddiqui.
“We have proven that our plans for the future can be achieved, and indeed exceeded, even in times of market turbulence by the right team of skilled and experienced asset managers. Our 29 dedicated professionals are the largest on-the-ground team in the region, and any success of the department is a direct reflection of their hard work and expertise,” he concluded.
Overall, EFG Hermes’ Money Market Funds performed well in 2012, with an average growth rate of over 11.3%, exceeding the competitor average of 11.1% (as of end of December 2012). In addition to Money Market Funds, the Fixed Income team, based in Cairo and Dubai, manages several discretionary fixed income portfolios in Egypt and the Arab world for some of the region’s top institutions and high-net-worth individuals.
The Crédit Agricole III is an open-ended fund that invests in money market instruments such as T-bills and bank deposits. It is currently ranked 2nd in terms of absolute return out of 21 funds in the Egyptian market. The other award-winning fund, the Al Massy Fund, is an open-investment fund originally launched in 2008 as a balanced fund, it aims to maximize returns and reduce risk through a policy of investment diversification between equity and fixed income.
The MENA Fund Manager Performance Awards is the largest gathering of fund managers in the region. Judging decisions are based on performance as well as qualitative and structural criteria. The awards were held in Dubai on January 22nd.
