The managing director and head of asset management at EFG Hermes, Kashif Siddiqui, said that EFG Hermes’s tie-up with QInvest, which was announced in May 2012, will close by the end this month.

The joint venture, which will be branded EFG Hermes, will see QInvest holding 60% and EFG’s holding company holding 40% of the venture.

Siddiqui said that the enlarged business will aim to increase its AUM to about US$5 billion within a couple of years, from the current US$3.4 billion now.

Further, the company plans to expand with the help of US$250 million that QInvest is injecting into the venture.