The Fund - the first Investment Fund by the Bank, with EFG-Hermes as Investment Manager - was launched with an initial value of LE100 hundred million, taking advantage of the Bank's high level of distribution throughout Egypt.
"We have the ability, through this partnership, to also allow a majority of the population who do not usually have access to services such as these to take advantage of this Fund, and through it introduce them to the stock market," said Abdel Moneim Omran, Vice President in EFG-Hermes Asset Management.
The Al Massy Fund, an open-investment Fund, aims to maximize returns and reduce risk through a policy of investment diversification and fixed income. It is a balanced Fund - 40% equity and 60% fixed income - with a minimum subscription of five Investment Certificates (IC) at an initial cost of LE100 per IC.
"With the success of regional markets, it is imperative that more people become aware of the benefits of the stock market," added Omran. "Funds such as these, which reach out to previously untapped areas, allow more people to experience the benefits of playing the market."
Should the need arise, there is also the option of borrowing from the bank while using the Investment Certificates as collateral.
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EFG-Hermes expands reach through Al Massy Fund
- Egypt: Sunday, February 24 - 2008 at 13:38
- PRESS RELEASE
EFG-Hermes, the leading regional investment bank, has partnered with the Principal Bank for Development and Agricultural Credit to expand its reach and target a wider audience in Egypt through the Al Massy Fund.
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About EFG-HermesEstablished in 1984, EFG-Hermes is the leading investment bank in the Arab world. The firm specializes in Investment Banking, Asset Management, Private Equity, Securities Brokerage and Research. With listings on both the London and Cairo stock exchanges, EFG-Hermes currently boasts a market capitalization in excess of $4.5bn.
Through its offices in Egypt, UAE, KSA and Qatar and with around 700 people from 18 nationalities, EFG-Hermes serves a considerable and diversified client base from the Middle East and North Africa to Europe and the United States. Our clients include governments, corporations, financial institutions, high net worth individuals and retail customers.
About EFG-Hermes Asset Management
EFG-Hermes Asset Management is a leading manager of funds in the Middle East and North Africa. Asset Management teams in Egypt, UAE and KSA offer traditional and alternative investment solutions for institutional, high net worth and retail clients including independent fund and portfolio management services. Total assets under management are currently $6.5bn.
EFG Hermes Asset Management manages 19 dedicated funds with diverse strategies, which include sector specific mandates, money market funds, Islamic funds and capital guaranteed funds. Two of EFG-Hermes funds, the MEDA Fund and Egypt Fund, were granted "AA" ratings in 2007 by Standard & Poor's. The Egypt Fund has also been listed by the International Herald Tribune as the best performing Fund worldwide for three years running.
EFG-Hermes Asset Management also launched the MENA Opportunities Fund in September 2007 along with an affiliate of Harvard University. The first of its kind in the region, the MENA Opportunities Fund offers a long/short mandate investing in both liquid and illiquid securities across the Middle East and North Africa.
For more information on EFG-Hermes please contact:
Rasha Kashkoush
Hill and Knowlton
Tel: +971 4 3344930
Mobile: +971 (0) 50 4506533
Amr Gamal
Hill and Knowlton Egypt
Tel: +202 27365571
Mobile: +2 012 3982055
Posted by Anne-Birte Stensgaard, Senior News EditorSunday, February 24 - 2008 at 13:38 UAE local time (GMT+4)
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