Reuters – EFG Hermes, one of the largest investment banks in the Middle East, is seeking to expand its assets under management in Egypt by 25% this year, a senior executive said on Tuesday.
Nabil Moussa, head of asset management for EFG in Egypt, told reporters that of the $3bn in assets the bank manages in the region, $1.9bn is under management in Egypt, while the rest is managed from Dubai.
Moussa said the return on their equity funds in Egypt was between 25 and 30% last year, compared with 45% in 2012.
But he said the company was “cautiously optimistic” that political stability was taking root in Egypt, saying the firm would increase its investments.
