Business | Investment
EFG-Hermes partners with Korean firm
Regional investment bank EFG-Hermes, has launched the KB Mena Equity Fund in association with KB Asset Management, South Korea to offer investment opportunities in Middle East and North Africa (Mena) region to Korean investors.
- Staff Report
- Published: 00:09 May 8, 2008
Dubai: Regional investment bank EFG-Hermes, has launched the KB Mena Equity Fund in association with KB Asset Management, South Korea to offer investment opportunities in Middle East and North Africa (Mena) region to Korean investors.
The launch follows EFG-Hermes' recent partnership with Singapore's Fullerton in launching the MENAsia Equity fund and is indicative of the growing appetite of Asian investors for the Mena markets.
The fund will be distributed through Kookmin Bank, the largest bank in South Korea in terms of market capitalisation and asset value, with EFG-Hermes acting as sub-manager.
The fund is aiming to attract $200 million in the first 12 months. It will consist of 70 per cent Mena equities and 30 per cent South Korean fixed income products.
Opportunity
"The growing recognition that the Mena markets offer an incredibly attractive opportunity for investors in Asia is fuelling the rapid development of the 'new silk road'. The KB MENA Asia fund will provide investors with access to the regional markets while offering them daily liquidity through a company that possesses solid knowledge of the region; its equities and its potential," said Francois Rensburg, vice-president, Asset Management for EFG-Hermes.
"The Mena region is clearly the investment geography of choice currently with high oil prices; economic reform and GDP growth fuelling continued success in the markets. What we have found in EFG-Hermes is a partner with true regional presence and the heritage; reputation and knowledge to deliver." said Munhyuk Kwon, head of product development, KB Asset Management.
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