Thank you for reading the news about Foreign investors’ ownership in Saudi stock market rises 31% to $76bn in Q2 and now with the details
Jeddah - Yasmine El Tohamy - Global asset management firm Mercer receives advisory license from CMA, plans team expansion
RIYADH: Global asset management firm Mercer has received its advisory investment license from the Capital Market Authority to operate in Saudi Arabia.
During the Euromoney Saudi Arabia Conference held in Riyadh, Mercer’s President for Asia, the Middle East, and Africa Renee McGowan told Arab News that the company intends to rapidly expand its team in the Kingdom during the next six weeks.
McGowan said that the company is already known in the region for their operations in the human resources space, and is now planning to expand its investment advice arm in Saudi Arabia.
She added that the company, which has been operating in Riyadh for a decade, has grown staff numbers tenfold, and is planning to invest more in local talent by implementing intern, graduate, and talent development programs.
“We’re the investment advisor on $13 trillion of assets globally, and we have our own investment, implemented solutions where we manage $400 billion of assets as well. Our plan now is to obviously be able to provide a lot more investment advice to clients in the Kingdom,” McGowan told Arab News.
She also added that Saudi Arabia’s economy is changing rapidly with the implementation of Vision 2030, and that the Kingdom is an almost unique market.
“Saudi Arabia has done a very good job of continuing to run a high-growth economy, and I think the gross domestic product will actually be the highest in the next 10 years,” she said.
McGowan also stated that the world is still not familiar with the activity currently happening in Saudi Arabia, and with Vision 2030 in place, she believes that the Kingdom is going through profound economic and societal transformation.
The company is planning to support Saudi Arabia’s growth with its advisory license to provide advice on investments without placing any assets.
“The investment opportunity here is obviously to not only make sure that growth continues, but also making sure that the asset pools here are well diversified, that the investors are looking at their asset allocation, their portfolio construction, and what governance is (there) for managing them,” she added.
With pension plans not prevalent in the region, Mercer was able to contribute to the implementation of the UAE’s Dubai Employee Workforce Savings Plans, DEWS, in addition to working with many sovereign wealth funds across the Middle East.
“With regards to our investment advisory services, we do work with clients all over the world. We want to make sure that any environment we’re working in has strong governance and regulatory environments in particular, so that investors are investing with confidence and security,” McGowan said.
These were the details of the news Foreign investors’ ownership in Saudi stock market rises 31% to $76bn in Q2 for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.