Asset management industry in GCC to grow steadily: Moody's | ZAWYA MENA Edition

Asset management industry in GCC to grow steadily: Moody's | ZAWYA MENA Edition:

The asset management industry in GCC states is set for steady growth over the next decade, supported by the region's diversification away from oil and encouragement of foreign investment.

GCC asset management will grow with economic diversification and by new regulations designed to attract foreign investors, Moody's Investors Service said in a report published on Tuesday.

GCC investment managers had $260 billion of Assets Under Management (AUM) as of December last year. The largest market is Saudi Arabia, accounting for slightly less than half of regional AUM, followed by Kuwait, with an estimated $73 billion and Bahrain with $56 billion.