EFG Hermes snaps up minority stake in AI digital wealth manager Kenzi Wealth
Egyptian investment bank EFG Hermes has acquired a minority stake in Kenzi Wealth, an AI-powered digital wealth manager based in Denmark, for an undisclosed sum.
EFG Hermes acquires stake in Kenzi Wealth
Founded in 2021 in Copenhagen, Kenzi Wealth’s platform can be utilised by banks, asset managers and financial advisors to offer a more personalised investment experience for customers.
The company’s tech enables customers to construct and tailor their investment portfolios using 60,000 securities from over 100 markets, supported by features including AI-powered investment risk analytics.
In addition to buying a minority stake in the firm, EFG Hermes has also signed a memorandum of understanding with Kenzi that will see the bank integrate the start-up’s asset management technology to enhance its own offerings, particularly its trading platform EFG Hermes ONE.
The bank says EFG Hermes One will look to offer an investment experience that spans research, trading and portfolio management within a single platform.
EFG Hermes anticipates the move will deliver “a more efficient and personalised investment experience” for its clients, while Kenzi’s AI tools will provide investors with a way to “customise their investment journey in accordance with their specific needs”.
Ahmed Waly, global head of brokerage at EFG Hermes, says the deal and subsequent partnership with Kenzi “marks EFG Hermes’s foray into the realm of personalised investment tools”, paving the way into “a wider range of investment products and services”.
