Pharos Holding for Financial Investments announced on Wednesday that, starting 15 March, their brokerage division, Pharos Securities Brokerage, will be operating with Exotix USA, Inc as its chaperone partner in meeting and trading with clients across the USA.
Commenting on the announcement, Elwy Taymour, Pharos chairperson and co-CEO, said that the group is looking forward to working with Exotix USA, Inc in order to reach new institutional clients, just as the economic turnaround in Egypt is beginning to attract far larger equity flows into the stock market.
Taymour added that Exotix’s wide footprint in emerging markets would allow Pharos to inform a wider client base about Egypt’s capital markets and economy, through the group’s research and sales within Pharos’ brokerage division.
“The engagement between both Pharos and Exotix should help lead to US institutional investors being much better informed of developments in Egypt and their context within emerging markets. We look forward to ensuring that the partnership with Exotix will be long and successful,” said Angus Blair, chief operating officer at Pharos.
On the other hand, Duncan Wales, CEO of Exotix, said the partnership with Pharos would deepen the company’s global research and trading capabilities, and that Egypt is a growing focal point for Exotix, as the country is one of the region’s larger and more robust financial markets, and Exotix is keen to play a bigger role as the Egyptian economy develops.