Former Investec star joins Egyptian firm

Egyptian private equity firm Citadel Capital has hired a star manager who left Investec last month, which triggered a suspension of an A rating given to the Middle Eastern fund that he managed.

Amr Seif, formerly at South African bank Investec, has been appointed as chief executive of Citadel portfolio company, Finance Unlimited. Last month, research company Old Broad Street Research suspended their A rating of Investec’s GSF Middle East and North Africa fund, citing Seif’s departure from the firm as the reason.

Seif joined Investec in 2008 from US bank JP Morgan, where he managed an emerging market portfolio in Eastern Europe and the Middle East worth over $2bn (€1.5bn), according to a company statement.

Citadel Capital managing director Ahmed El Houssieny said: “Amr’s very well positioned to turn this investment into one of Citadel’s largest portfolio companies”.

Seif said that he expected his experience put the company in a strong position.

Finance Unlimited currently controls investments in the Middle East and Africa’s investment banking, microfinance and commercial banking sectors. It mainly invests in North Africa and the more developing areas of the Middle East, according to El Houssieny.

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