EFG-Hermes expands product base with HSBC Bank Egypt second Fund "Estikrar"

The Fund launch was a result of the successful partnership between EFG-Hermes and HSBC Bank Egypt a multinational leading bank in the market and a member of the HSBC Group. (One of the world's largest banking and financial services organisations).

The HSBC Bank Egypt 2nd Fund - owned by HSBCBank Egypt, with EFG-Hermes Asset Management as Fund manager - provides capital protection over the three year term of the Fund, giving investors 60 percent participation in the performance of the Egyptian CASE 30 Index over the same period. Closing after only two months, the HSBC Bank Egypt 2nd Fund has received LE180m in total subscriptions.

"The Egyptian market is continuously growing, and it is incumbent upon us to provide clients, both existing and potential, with unique opportunities that take advantage of our expertise and structuring abilities," says Hashem Montasser, Managing Director and Head of Asset Management at EFG-Hermes.

"As the Fund manager we have managed to attract the Bank's Customers attention towards the benefits of the HSBC Bank Egypt 2nd Fund, being a unique investment instrument, which realized high subscription amount."

"Even with the growing interest in the financial sector and the willingness of more retail and institutional clients to access the market, there are still many untapped opportunities especially in the structured products arena," says Khalil El Bawab, Senior Vice President, Asset Management at EFG-Hermes. "By exploring these opportunities we are expanding the options of investing in the Egyptian market, and we will continue to do this through other structured products."

EFG-Hermes Asset Management has operations in Saudi Arabia, Egypt, the UAE and Qatar, with dominant market share regionally across the breadth of its businesses.