EFG Hermes reaches $1.5 billion in assets under management in FY2016
Egypt’s EFG Hermes, one of the Middle East’s largest investment banks, reached $1.5 billion in assets under management at the end of financial year 2016, the group said on Monday.
EFG Hermes’ Egypt-based AUM grew 18 percent to reach 10.5 billion Egyptian pounds ($579.5 million) at the end of fourth quarter of financial year 2016, underpinned by the outperformance of the equity market.
The investment bank further said in a statement that around 37 percent of its total asset base is dominated in Egyptian pounds.
By the beginning of the fourth quarter of financial year 2016, EFG Hermes said it had reported Egypt mandates separately from the regional mandates to eliminate the impact of the devaluation of the Egyptian currency, which took place on Nov. 3rd.
EFG further reported that AUM in the MENA region inched up 1.2 percent to $955 million at the end of the fourth quarter, supported by the outperformance of equity markets.
“Market improvements added 5 percent to the AUM base against redemptions equivalent to 4 percent of the AUM.”
