Strangled by the economic downturn, many companies are forced to draw on bank credit lines to get by. Others, on the other hand, leave their cash in bank accounts or increase their investments in UCITS while waiting for visibility. At the end of 2021, they held 16.3% of the net assets of UCITS, or 96.4 billion dirhams once morest 82.9 billion dirhams in 2020. In five years, outstandings have increased by 44%.
Inflation in production costs and the slowdown in demand and, more generally, the deterioration in the economic outlook are once once more plunging businesses into uncertainty. The most vulnerable are forced to draw on credit lines to get by. The outstanding balance of cash facilities for private companies rose by 10.2% over one year in April, to 198 billion dirhams, once morest growth of 6.2% in January.
At the same time, the growth rate of deposits (+11.5% over one year in April) reflects the lack of visibility of companies. What further materializes the wait-and-see attitude of the bosses is the level of investment in UCITS. The outstanding balance of assets held by non-financial companies amounted to 96.4 billion dirhams at the end of 2021 once morest 82.9 billion dirhams a year earlier.
In five years, it has grown by 44%. The spectacular rebound of the stock market in 2021 (+18%) does not on its own explain the acceleration in outstandings, since non-financial companies have very little exposure to equities (equity and diversified funds represent less than 7% of their portfolio).
On the other hand, they are very active in money market and short-term bond funds for cash optimization purposes. They had 51 billion dirhams in bond funds and 38 billion dirhams in monetary UCITS at the end of 2021, according to AMMC statistics.
6.5% of net assets held by natural persons
The collective management industry is opening up more and more to the general public since the assets of natural persons have also been strengthened in recent years. They amounted to 38.6 billion dirhams at the end of 2021 once morest 27 billion dirhams in 2016, largely thanks to equity and diversified funds whose outstandings increased by 7.5 billion dirhams over the period. Assets in bond and money market funds posted increases of 22% and 17% respectively.
Franck Fagnon / ECO Inspirations
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