A website entitled CPI Financial posted a story entitled, "EFG Hermes Asset Management Division mandated to manage HSBC Egypt Money Market Fund." It says, "EFG Hermes has taken over management of the 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." They quote Khalil El Bawab, Managing Director at EFG Hermes Asset Management, "Our division has delivered consistent performance over the long haul across fund types, from money market funds to fixed income and equities. We look forward to further announcements of this type in the months ahead as we actively compete for new mandates." Nabil Moussa, Head of Egypt Asset Management, comments, "EFG Hermes Asset Management continues to weather challenging regional conditions with innovative investment themes.... 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." The release adds, "Total mutual funds managed by EFG Hermes Asset Management in the Egyptian market now stand at 16 funds across different asset classes, including six out of 26 money market funds in the local market. EFG Hermes Asset Management Division accordingly stands as the largest asset manager in the Egyptian market by total number of funds managed."

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