Cairo-based EFG Hermes is seeking expansion across Turkey, Iraq and Libya, while aiming to boost its asset management division by 50 per cent following the completion of its previously-announced joint venture with Qatar's QInvest.  

Kashif Siddiqui, managing director and head of asset management at EFG Hermes, recently told Reuters during an interview in London that the deal should close this month. Siddiqui will become co-chief executive of the joint venture, along with Karim Awad, head of investment banking at EFG.

The EFG Hermes-branded venture will be 60 and 40 per cent owned by QInvest and EFG's holding company respectively. The deal is said to create the largest investment bank across the Middle East and North Africa region - aided by the $250 million which QInvest is injecting into the effort - while pulling in brokerage and asset management operations.

"The enlarged business will aim to increase its assets under management to about $5 billion within a couple of years, from $3.4 billion now," Siddiqui reportedly told the news service. "This deal brings a partner with similar ambitions and deep pockets, and will enable us to penetrate new markets."

EFG Hermes is expected to benefit from QInvest's "strong relationships" with Qatar's sovereign wealth funds, which are active investors across a range of sectors globally including financials, telecommunications and property.

"It does give us access to some of the largest and most active sovereign wealth funds, and we can show them opportunities on almost a weekly basis," Awad said.