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Egypt's EFG Hermes acquires minority stake in Danish fintech Kenzi Wealth

The acquisition of a minority stake in Kenzi Wealth represents EFG Hermes’ significant commitment to driving innovation in the fintech sector.
22.05.24 | Source: Wamda

EFG Hermes, an EFG Holding company and the leading investment bank in the MENA region, is pleased to announce that it has acquired a minority stake in Kenzi Wealth. Furthermore, EFG Hermes is delighted to announce the signing of a memorandum of understanding with Kenzi Wealth, a renowned Danish digital wealth manager that uses advanced AI-powered asset management technologies and investment risk analytics to help investors construct and rebalance their portfolios. 

The new investment and partnership are a significant milestone in EFG Hermes' digitalisation vision, which promises to usher in a new era of investment opportunities for clients. By combining EFG Hermes' vast client network, award-winning research intelligence, and Kenzi Wealth’s innovative AI tools, EFG Hermes will be able to offer its clients a more efficient and personalised investment experience. Through AI capabilities, investors will be given a more advanced and unique way to manage their portfolios and the ability to customise their investment journey in accordance with 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, expressed his enthusiasm for the collaboration: "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."

Kenzi Wealth specialises in tailoring sophisticated investment features to meet the unique needs of investors. The new venture will also allow EFG Hermes to introduce advanced technologies to its state-of-the-art trading platform, EFG Hermes ONE.  EFG Hermes ONE’s offering in the near future will be an end-to-end investment experience from research and trading to portfolio management on a single platform. This innovative solution, powered by technology and unrivaled research capabilities, sets a new standard in the industry.

"We are committed to empowering our clients with the tools they need to make informed investment decisions and achieve their financial goals," said Ahmed 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."

The acquisition of a minority stake in Kenzi Wealth represents EFG Hermes’ significant commitment to driving innovation in the fintech sector and democratising access to sophisticated investment solutions.