AMMC: Tarik Senhaji Calls on the Mutual Fund Industry to Accelerate the Mobilization of Popular Savings

At the outset, the president of the AMMC highlighted the historical significance of the recent reform, which updates the framework for collective investment schemes for the first time since 1993. He reflected on the evolution of an industry that has grown from an embryonic market with only 3 billion dirhams in assets in 1996 to a financial powerhouse managing 800 billion dirhams today. The president recalled key milestones, including the launch of the first mutual funds in 1995 by five Moroccan banks, the establishment of the first independent management company in 1996, and surpassing the symbolic threshold of 100 billion dirhams in 2006. Since then, the industry has consistently broken records and has established itself as a discreet yet essential pillar of national financing. This decisive role is evident in the statistics. As of the end of September, mutual funds hold 40% of the total outstanding treasury bonds. On the Casablanca Stock Exchange, their influence is equally significant, accounting for 43% of the floating market capitalization and generating 37% of the trading volumes in 2024. The president also emphasized the need to rebalance the structure of savings, noting that individual investors currently represent only 8.2% of assets and fewer than 25,000 subscribers. However, their participation in the stock market has quadrupled in recent years, a movement that Tarik Senhaji describes as a true turning point in mobilizing popular savings. He urged mutual funds to capitalize on this momentum to attract more savers. He stressed a fundamental principle: the trust of savers. The AMMC is committed to ensuring a transparent, fair, and secure environment, demanding that management companies strengthen their resources and ensuring that all investment decisions are made solely in the interest of subscribers. Regulation, he warned, will remain "proactive, fair, and uncompromising." Tarik Senhaji then contextualized this reform within the investment dynamics that have been underway in the Kingdom for over 25 years. The financial infrastructures built over the years—central depositaries, management companies, market systems, and prudential frameworks—now constitute a true "high-speed line" capable of amplifying the country's financing capacity. The goal is to support the energy transition, enhance Morocco's positioning as an African financial hub, seize opportunities in digitalization and fintech, and broaden financial inclusion to better integrate youth and all regions. In conclusion, the president of the AMMC urged the profession to embrace this new phase: "The time has come for asset management to fully take off and assert its role as a true engine of strategic and sustainable financing in our country."