EFG Hermes to manage HSBC Egypt’s money market fund
HSBC Egypt has mandated EFG Hermes to manage its EGP 1.6 bn money market fund previously managed by Beltone. The addition brings the EFG Hermes Asset Management division’s AUM in Egypt to EGP 10.5 bn. “In addition to growing our domestic market, our asset management business is serving European investors with the EFG Hermes MENA UCITS and the Frontier Equity funds launched earlier this year,” said Nabil Moussa, EFG’s head of Egypt Asset Management. “We look forward to further announcements of this type in the months ahead as we actively compete for new mandates,” added Khalil El Bawab, Managing Director at EFG Hermes Asset Management. EFG’s asset management division now manages 16 mutual funds, including six out of 26 money market funds in Egypt. Unless we’re mistaken, the change in manager on the HSBC fund is the first time an Egyptian money market fund has switched quarterbacks since EFG Hermes took over Credit Agricole from Lazard roughly a decade ago.