involved in a large number of privatization studies for the Egyptian government. EFG moved into brokerage in 1993 and Asset management in 1994. EFG established the first equity index in Egypt.HermesIn 1994, Hermes was established as another leading financial services company based on the international experience gained by its founders in the U.S.A . and on a young energetic team. Hermes showed great success in securities brokerage and fund management.The MergerWhen the local market had reached a point where large financial institutions were needed with real financial muscles and a wide network of local and international clients, the two firms decided to merge. In 1996, EFG-Hermes was born out of the highly publicized merger between the Egyptian Financial Group (EFG) and Hermes Financial. EFG - Hermes NowThe company's present structure reflects the consolidation of several ventures. Created with the merger in June 1996 of the Egyptian Financial Group (EFG) and the Hermes Financial Group, EFG-Hermes conducts business through 10 operating subsidiaries, located in Egypt and offshore. The process of centralizing and institutionalizing the combined company's procedures continued through 1998, with emphasis on streamlining the operations of subsidiaries and minimizing risk. Changes aimed at eliminating bottlenecks included new account-opening forms and a different formula for commissions.EFG-Hermes' activities are regulated by the Egyptian Capital Market Authority, and the firm also has a secondary regulatory reporting line with the London Stock Exchange, following its listing on 28 July 1998.EFG-Hermes is organized into five principal divisions (which will be discussed in detail further in the paper) :1) Investment Banking2) Securities Brokerage 3) Private Equity4) Fund Management5) Portfolio ManagementMission & ObjectiveEFG-Hermes Asset Management aims to be the leading investment manager for private and institutional portfolios in Egypt, ...
