MENA Asset Management Survey 2012 - National Bank of Abu Dhabi

Morocco
Fund Trends
According to Bank Al Maghrib 1 , “in 2011, net assets managed by Undertakings for
Collective Investment in Transferable Securities (UCITS) grew by MAD 6.7 billion 2 or 3%,
after expanding by 20.8% in 2010. This slowdown was primarily due to the decline of 4.3
billion of the outstanding amount of medium- and long-term bond funds and of 3.5 billion
of that of equity funds, which partially offset the increase of 12.1 billion in short-term net
assets of bond UCITS and 3 billion in those of money market funds.
The number of UCITS stood at 333, up 13. The increase is below the average of 30
registered over the past five years. In terms of composition, the share of medium and
long-term funds fell year-on-year from 53% to 49%, while the share of money market
funds remained unchanged at 26%. The share of short term bond funds almost doubled
to 10%. By holder, financial corporations dominate with a share at nearly 65%, while
nonfinancial corporations and resident individuals accounted for 26% and 8%,
respectively”.
Undertakings for Collective Investment in Transferable Securities
(billions of Moroccan Dirhams, end of period)
Source: Bank Al Maghrib
1
2011 annual report
2 End-period MD/US$ exchange rates were 8.5855 in 2011 and 8.45 in 2012. The
average exchange rate was 8.078 in 2011 and 8.62 in 2012.
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