Mena AuM rises by 13% to $2.3trn

Assets under management (AuM) in the Mena region reached US$2.3 trillion in 2023, exceeding the global average.

Globally, the asset management sector saw AuM rise to $120 trillion, an increase of 12% on the previous year’s decline in assets, according to Boston Consulting Group (BCG).

The Mena market was slightly above this average with a growth in AuM of 13%.

Saudi funds AuM reached $33bn in Q4

One reason for the surge, according to BCG, is the growing use of artificial intelligence (AI).

In its report, entitled ‘AI and the Next Wave of Transformation’, BCG called on asset managers to embrace the use of AI to keep pace with their competitors.

“As the asset management sector faces growing structural challenges, embracing AI is no longer optional but necessary for maintaining competitiveness,” said Lukasz Rey, managing director and partner and Middle East head of financial institutions at BCG.

7 strategies for integrating Generative AI in fund management

The report identifies three specific areas where asset managers can apply AI – productivity, personalisation and private markets.

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