EFG-Hermes appoints regional asset management head

Mr. Montasser's emerging markets experience at global financial institutions that include Merrill Lynch and JP Morgan will add impetus to EFG-Hermes' regional expansion strategy: EFG-Hermes is targeting an increase in funds under management in the region over the next two years, as well as an expansion in its product offering including the launch of several new regional and country-specific funds.

EFG-Hermes' Asset Management is ranked among the leading regional fund managers and since its inception in 1994, has played a pioneering role in bringing specialized fund management products to the region. Today, the firm manages several Egyptian and offshore mutual funds, of which two - the MEDA Fund and the Telecom Fund - are listed on the Dubai Financial Market (DFM). Both funds have exhibited stellar performance in 2005, up over 28% and 35% year-to-date respectively, and are the recipients of numerous accolades, including Standard & Poor's Best Performing Telecom Fund in the World for 2002. EFG-Hermes' total assets under management including discretionary portfolios amounted to over USD590 million as of end Q1 2005.

Mr. Montasser began his banking career at Merrill Lynch in 1997, spending three years in their Emerging Markets Capital Markets Group in New York. In 2003, he joined JP Morgan in London, focusing on fixed income derivatives and alternative investment products for Middle East financial institutions. Mr. Montasser graduated from Harvard College in 1997 with a degree in economics and obtained his MBA from Harvard Business School in 2003.

Welcoming the appointment, Hassan Heikal, Co-CEO of EFG-Hermes said: "We are delighted to have Hashem on board and believe he will contribute significantly to the development of our Asset Management capabilities. His appointment is in line with our commitment to increasing our Asset Management activities in the region at this pivotal stage in the growth of the region's capital markets."