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EFG Hermes acquires minority stake in Kenzi Wealth

Middle Eastern investment bank EFG Hermes acquires minority stake in Danish fintech Kenzi Wealth, signalling a new era in AI-powered investment solutions for the MENA region.

  • Editorial Team
  • May 22, 2024
  • 2 minutes

EFG Hermes, the MENA region’s leading investment bank, has taken a bold step into the future of investment management by acquiring a minority stake in the Danish fintech company, Kenzi Wealth. This strategic move is set to revolutionise the way EFG Hermes’ clients interact with their investments, leveraging Kenzi Wealth’s advanced AI-powered asset management technologies.

The new investment and partnership mark a significant milestone in EFG Hermes’ digitalisation vision, promising a new era of investment opportunities for clients. By combining EFG Hermes’ extensive client network and award-winning research with Kenzi Wealth’s innovative AI tools, EFG Hermes aims to offer a more efficient and personalised investment experience. With AI capabilities, investors will have a more advanced and unique way to manage their portfolios, allowing them to customise their investment journey to meet their specific needs.

Ahmed Waly, Global Head of Brokerage at EFG Hermes, expressed his confidence in the collaboration: “We are delighted to join forces with Kenzi Wealth, a company that shares our commitment to innovation and excellence. This significant move marks EFG Hermes’s foray into the realm of personalised investment tools using state-of-the-art technology, thereby expanding our portfolio of products and services. The fusion of our acclaimed research capabilities with Kenzi Wealth’s cutting-edge AI-powered digital Investment tools is part of our shared vision to introduce a truly comprehensive and unparalleled end-to-end investment experience that sets a new standard in the industry.”

Mohamed El-Masri, Founder and CEO of Kenzi Wealth, commented: “We are thrilled to join forces with EFG Hermes to bring sophisticated investment features to clients, including advanced investment risk analytics, investment selection, portfolio construction, and rebalancing. This partnership will enable us to offer new investment tools to investors powered by technology and unrivaled research capabilities.”

A synergy of tech and expertise

As part of the deal, EFG Hermes will also utilise Kenzi Wealth’s technology to augment its trading platform, EFG Hermes ONE, with the aim of combining research, trading and portfolio management on a single platform.

“We are committed to empowering our clients with the tools they need to make informed investment decisions and achieve their financial goals,” said Waly. “This is just the beginning. There are numerous opportunities for additional synergies based on EFG Hermes’ ambitious fintech roadmap, which aims to develop a wider range of investment products and services in collaboration with Kenzi Wealth.”

Terms of the transaction were not disclosed.