Hermes, the investment management company owned by the British Telecom pension scheme, has launched the EFG-Hermes Middle East & Developing Africa (MEDA) Fund, to invest in 20 markets including Botswana, Egypt, Ghana, Morocco, Saudi Arabia and Tunisia.
The fund is to be managed by Hermes in London and by Cairo-based asset managers EFG-Hermes (this has no connection with the UK company), which will look after the Middle East and North African investments, while Emerging Market Investors Corporation of Arlington, Virginia, will act as sub-adviser on developing African markets. Hermes in London says it is the anchor investor for the fund, which has initial assets of $30m(E28m).