GCC mutual funds assets total $34bn
Dubai, February 8, 2012
The GCC mututal fund assets totalled $34.1 billion as of June 2011 and about 480 funds were active in the region, according to a new survey.
The GCC Mutual Fund Industry Survey 2011 said the dataset included locally domiciled funds, local company sponsored funds irrespective of domicile, and funds with the GCC or one of the constituent markets as their geographic focus.
The survey was sponsored by Qatar Financial Centre Authority, PwC, Emirates NBD, Al Imtiaz Investment Company, and National Bank of Abu Dhabi.
In the first half of 2011, GCC domiciled fund assets decreased by 6 per cent from end-2010 ($1.97 billion) for funds in the dataset. There were an estimated $1.63 billion in net outﬂows from these funds, with the remainder of the decline in fund assets being attributable to market movements.
In 2010, GCC domiciled fund assets increased by 7 per cent ($2.3 billion) based on selected data. There were net inﬂows of just $205 million in 2010.
Assets under management at top GCC companies have declined compared to data in the 2010 edition of the survey. In contrast, top global asset managers have increased assets under management, said a statement.
Global mutual fund assets stood at $25.9 trillion (+14 per cent y-o-y) at the end of 2011Q2 in 71,030 funds, according to data compiled by Investment Company Institute (ICI) from 40 countries.
Shashank Srivastava, acting CEO of the Qatar Financial Centre Authority, said: “The QFCA is delighted to be a sponsor once again of this latest GCC Mutual Fund Industry Survey. It is an invaluable and comprehensive source of current opinion and information on the mutual fund industry in our region and demonstrates the signiﬁcant development potential of the industry here for all market participants.”
Michael Tomalin, the group chief executive of the National Bank of Abu Dhabi, stated: “This is the second edition of the GCC Fund Survey produced with the support of a range of participants from Bahrain, Kuwait, Qatar, Saudi Arabia and the UAE active in the asset management space in the region.” – TradeArabia News Service