Cairo – Mubasher: EFG Hermes said its assets management division was mandated to manage EGP 1.6 billion HSBC Egypt Money Market Fund.

The mandate brings the division’s Egypt-focused assets under management (AUM) to EGP 10.5 billion, said a press statement by EFG – Hermes.

Total mutual funds managed by EFG Hermes Asset Management in the Egyptian market now stand at 16 funds across different asset classes, including 6 out of 26 money market funds in the local market.

“Our division has delivered consistent performance over the long haul across fund types, and we look forward to further announcements of this type in the months ahead as we actively compete for new mandates,” said Khalil El Bawab, Managing Director at EFG Hermes Asset Management.