Egyptian investment bank EFG-Hermes is planning to add a range of products to its asset management unit, as soon as it completes a joint venture with a Qatari bank. Sukuk products, designed to comply with the stipulations of Islamic law, and Ucits funds are among the planned products, said Kashif Siddiqui and Karim Awad, who will become co-chief executives of the new entity.
The joint venture will see Qatari bank QInvest acquire a 60% stake in a new entity that includes EFG-Hermes’ asset management, investment banking, brokerage and research units as well as its flagship infrastructure fund. EFG’s holding company will control the remaining 40%………………………………………..Full Article: Source