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Total assets under management (AUM) by public and private investment funds in Saudi rose 19% y-o-y to SAR 611.6 bn in 2Q 2024, according to the Capital Market Authority’s quarterly statistical bulletin (pdf). The report points to a total of 1390 funds operating in the Kingdom, with private funds accounting for the lion’s share (1,085) of that figure.
The breakdown: Public fund assets grew 19.8% y-o-y to SAR 145 bn in 2Q 2024, and were up 6.1% q-o-q. Holdings of money market instruments represented the largest asset category held by public funds at SAR 40.6 bn, but were down 5.5% y-o-y. These were followed by equities (up 38% at SAR 37.2 bn), real estate investment trusts (up 3.9% at SAR 27.2 bn), and debt instruments (up 39.5% at SAR 23.4 bn).
Local assets held by public funds saw a 32.5% increase to SAR 125 bn, while foreign assets dropped 25% to SAR 20 bn. The number of Saudi public funds stood at 305 at 2Q 2024, up from 276 a year earlier, while subscribers to public funds were up 50.4% at 1.2 mn subscribers.
REMEMBER- PIF’s assets under management rose 29% y-o-y to SAR 2.9 tn by the end of 2023, the fund said in its 2023 annual report. Some 76% of these assets are in local investments, while 20% are international investments, and 3% of its portfolio is in treasuries. The majority of the fund’s AUM (85%) are managed internally, while the balance is externally managed.
On the private side: Private fund assets increased 18.6% y-o-y at SAR 466.6 bn, and were up 1.5% q-o-q. Equities accounted for 43.3% of private fund assets (SAR 201.8 bn), followed by real estate funds at 40.5% (SAR 189 bn). The number of private funds stood at 1.1k by the second quarter of this year, up from 854 a year prior, while subscribers were up 47.2% at 122k.
ALSO FROM THE REPORT-
Institutional investors continued to account for the lion’s share of the equity market, with 95.6% ownership in the country’s stock market, according to the report. Saudi government-related entities also held the largest portion of equities (64.8%) in the market during the quarter, followed by Saudi corporates, which held 18.0%, Saudi individual professional investors (4.7%) and foreign qualified institutional investors (3.2%).
