EFG Hermes announced its tie-up with QInvest in May and the deal should close this month, said Kashif Siddiqui, managing director and head of asset management at EFG Hermes, who will be co-CEO of the joint venture.
Siddiqui told Reuters that the target increase in assets under management will rise from $3.4bn now to $5bn in coming years.
QInvest will hold 60% and EFG’s holding company will own 40% of the venture, which will be branded EFG Hermes.
The deal will create the biggest investment bank across the Middle East and North Africa (MENA) region, according to EFG Hermes, which aims to expand into Turkey, Iraq and Libya with the $250 million that QInvest is putting into the venture.
"This deal brings a partner with similar ambitions and deep pockets, and will enable us to penetrate new markets," Siddiqui also told Reuters.