Fintech
EFG Hermes acquires a minority stake in Kenzi Wealth
Middle Eastern investment bank EFG Hermes acquires a minority stake in Danish fintech Kenzi Wealth, ushering in a new era in AI-powered investment solutions for the MENA region.
EFG Hermesthe MENA region’s leading investment bank, has taken a bold step towards the future of investment management by acquiring a minority stake in the Danish fintech company, Kenzi wealth. This strategic move is set to revolutionize the way EFG Hermes customers interact with theirs investmentsleveraging Kenzi Wealth’s advanced AI-based wealth management technologies.
The new investment and partnership marks 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 artificial intelligence tools, EFG Hermes aims to deliver a more efficient and personalized investment experience. With AI capabilities, investors will have a more advanced and unique way to manage their portfolios, allowing them to customize 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’ foray into the realm of personalized investment instruments using cutting-edge technologies, thereby broadening our portfolio of products and services. Merging our acclaimed research capabilities with Kenzi Wealth’s cutting-edge, AI-powered digital investment tools is part of our shared vision of introducing a truly complete and unprecedented end-to-end investment experience that establishes a new standard in the industry.”
Mohamed El-Masri, founder and CEO of Kenzi Wealth, commented: “We are excited to join forces with EFG Hermes to offer clients sophisticated investment capabilities, including advanced investment risk analytics, investment selection, portfolio construction and rebalancing. This partnership will allow us to offer investors new investment tools based on technology and unrivaled research capabilities.”
A synergy of technology and skills
As part of the deal, EFG Hermes will also use Kenzi Wealth’s technology to power its trading platform, EFG Hermes ONE, with the aim of combining research, trading and portfolio management on a single platform.
“We are committed to providing our clients with the tools they need to make informed investment decisions and achieve their financial goals,” Waly said. “This is just the beginning. There are numerous opportunities for further synergies based on EFG Hermes’ ambitious fintech roadmap, which aims to develop a broader range of investment products and services in collaboration with Kenzi Wealth.”
Terms of the transaction were not disclosed.