​EFG Hermes received recognition for their recently launched EFG Hermes MENA Opportunities Fund at the 2008 Hedge Funds World Middle East Awards. The award, which was open to all industry players who have established a new product or service catering to Middle East Hedge Fund Investors over the last twelve months, focused on innovation, performance, asset raising and access by financial institutions. Accepted by Hashem Montasser, Managing Director and Head of Asset Management at EFG Hermes, the award reflects the Fund's aggressive long-short mandate, investing in both liquid and illiquid securities in the MENA region - a first for the region. According to Montasser, 'We are extremely proud to have received this award. The fund is the first of its kind and in its short four-month history, it is up 20%. The fund has attracted Assets Under Management (AUMs) nearing $1bn from a diverse and prominent investor base from the Middle East, Europe, Asia and the United States'. 'Since regional markets do not offer a direct way to sell short, MENA Opportunities establishes short positions by entering into back-to-back swap transactions with counterparties who wish to establish a synthetic long exposure to an underlying stock. In addition, the fund has the flexibility to invest up to 30% of its assets in private, illiquid companies, which we believe offers substantial value since the region presents attractive opportunities for private equity transactions', he added. Since launching the EFG Hermes MENA Opportunities Fund, EFG Hermes has also launched the EFG Hermes Saudi Arabia Equity Fund, on top of a range of award winning regional funds already under management by the firm, which have a distinguished track record over time. Both the EFG Hermes MENA Opportunities Fund and the EFG Hermes Saudi Arabia Equity Fund show a marked extension of the firm’s commitment to offer clients, both regionally and internationally, a unique suite of products throughout the MENA region.