CMA says value of locally managed assets rise to SAR 871B in 2023

Logo of Capital Market Authority (CMA)

The Capital Market Authority (CMA) said the local asset management industry has achieved record levels and unprecedented historical highs.

The value of locally managed assets rose to SAR 871 billion by the end of 2023, a year-on-year (YoY) increase of 17%, it added.

Accordingly, revenues of capital market institutions (from asset management activity) surged by more than SAR 4.2 billion by the end of 2023, compared to SAR 2.7 billion in 2019.

CMA's Undersecretary for Finance and Investment Abdullah bin Ghannam explained that the authority gives utmost importance to the asset management industry for being one of the main securities businesses it regulates.

The key performance indicators of the asset management industry achieved historical highs. The number of investment funds hit a new record of 1,285 in 2023, compared to 607 funds in 2019, climbing by 111.7%, he added.

The number of subscribers to investment funds jumped to more than 1.17 million by the end of 2023, up 251% from 334,200 subscribers in 2019.