Credit Suisse Private Banking (CSPB) and Concord International Investments established a joint venture company in Cairo, under the name Swiss Egyptian Portfolio Management Co., which will provide asset management services for high net worth private clients in Egypt.
Credit Suisse Private Banking holds the majority stake in the new venture, which will be chaired by Prince Abbas Hilmi, managing director of Concord.
Sources at Credit Suisse said that the improving economic conditions in Egypt and rising performance of the securities markets in the Middle East encouraged the group to invest in the country. It was also noted that Egypt is seen as having a promising potential to become a regional financial hub.
CSPB is one of the world’s largest private banking operations and has a strong presence in both the Swiss and international markets. It manages assets totaling $298 billion for its 300,000 strong customer-base.
The New York based Concord Group is one of the leading managers of Egyptian securities, managing investment portfolios of $2.5 billion world-wide of which some $700 million are currently invested in Egyptian securities through its Egypt office.
The Concord’s Cairo team currently manages six mutual funds, of which four are domestic funds and two are offshore, listed on the London Stock Exchange. In New York, the firm also manages a number of large institutional portfolios invested in Egyptian securities. —(MENA Report)
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