Abu Dhabi – Mubasher: EFG Hermes UAE, a wholly owned subsidiary of Egypt-based EFG Hermes Holding, inked definitive agreements to invest $21.5 million in Frontier Investment Management Partners (FIM).

EFG Hermes will own 50% stake in FIM, while the remaining 50% will continue to be held by its founder and CEO Hedi Ben Mlouka, according to a press release.

Following this transaction, the subsidiary will have $4.5 billion of public and private assets under management (AUMs).

EFG Hermes will contribute its regional, non-Egypt related, portfolios and funds into FIM during the coming six months.