Fitch Ratings has affirmed BMCE Capital Gestion's National Asset Manager Rating at 'Highest Standards (mar)' with Stable Outlook.
The rating reflects the solidity of BMCE Capital Gestion's investment and operational infrastructure, which is supported by an advanced integrated IT platform. It also reflects a well-established, growing company, which benefits from the strategic commitment of BMCE Bank, (‘BB+’/Stable), the parent of BMCE Capital Gestion. The asset management company differentiates itself from domestic peers by its technology and capacity to innovate. The rating also reflects the organisation's staffing depth and solid control framework.
BMCE Capital Gestion's 'Highest Standards (mar)' rating is based on the following category scores:
- Company: Highest
- Controls: Highest
- Investments: Highest
- Operations: Highest
- Technology: Highest
Asset manager operations in the 'Highest Standards (mar)' category demonstrate an investment platform and operational framework that Fitch considers superior to the standard applied by domestic institutional investors.
Find out more about Fitch Ratings’ analysis
- Company: As the third-largest asset management company in Morocco, BMCE Capital Gestion has a long track record and well established market presence, supported by the banking network of BMCE Bank. By combining strategic vision and operational flexibility, BMCE Capital Gestion is well-placed to realise its ambitions of developing new investment solutions and expanding in Africa. The company outsources to BMCE Capital, the investment banking arm of BMCE Group, support functions such as IT and risk management. Depth, adequacy and stability characterise BKG's staffing while targeted recruitment enables the company to deliver innovative solutions.
- Controls: BMCE Capital Gestion’s control framework depends on, among other things, the independent oversight of the internal control and risk management functions as well as highly formalised procedures and controls. Fitch draws particular attention to the company’s high quality methods for evaluating and managing credit and counterparty risk. The Sophis Value system has helped automate and centralise the control process, ensuring compliance with all client constraints that market and credit risks are monitored. Liquidity risk is inherently semi-systemic in Morocco which makes it difficult to manage in a portfolio context.
- Investments: BMCE Capital Gestion's investment processes primarily cover local markets and are based on a collegial and disciplined approach. They are fully supported by decision-making systems and human resources that are well suited to the needs of the managed products, particularly the four new funds launched in 2015. Some of these funds employ strategies and instruments that are unfamiliar in Morocco’s asset management industry.
- Operations: Operational processes are highly secure and largely automated thanks to a well-integrated IT platform. Looking ahead, they will be able to handle, if need be, increased volumes, the company’s geographical expansion and increasingly complex or customised products. The process for producing reports for investors and senior management has been automated since 2014. These reports provide regular and appropriate information and are often of a superior quality to reports published by peers.
- Technology: BMCE Capital Gestion benefits from a technological platform built around Sophis Value that meets the highest global standards. Data-warehousing and a systems interface (with the accounting system) lend further support to front-to-back office systems integration. As a result, the company a competitive advantage with its ability to innovate through advanced technology. BMCE Capital Gestion was the first asset management company to use digital systems for client relations management by launching a dedicated online platform at the end of 2015.