Sadiq Hussain, JP Morgan's head of equities for the Middle East and North Africa, will join Egypt's EFG Hermes in August as head of business development for asset management, a source familiar with the matter said.

Hussain joined the investment bank in mid-2007. He previously worked at Merrill Lynch Hong Kong as the executive director of Asia Pacific equities, as well as at ING Baring, according to his LinkedIn profile.

Reuters had reported on Wednesday that Hussain, who had been with the US bank since 2007, was departing to take up a role in Dubai with EFG.

Spokeswomen for EFG Hermes and JP Morgan declined to comment when contacted by Reuters on Thursday.-Reuters