February 18, 2014 / 3:50 PM / in 4 years

EFG seeks to increase assets under management in Egypt by 25 pct

CAIRO, Feb 18 (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 percent this year, a senior executive said on Tuesday.

Nabil Moussa, head of asset management for EFG in Egypt, told reporters that of the $3 billion in assets the bank manages in the region, $1.9 billion 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 percent last year, compared with 45 percent 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.

Reporting By Ehab Farouk; Writing by Shadia Nasralla and Maggie Fick; Editing by Pravin Char

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