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.




Capital Gestion is a limited company (société anonyme) with a share capital of MAD 25,000,000. Its head office is located at 63 boulevard Moulay Youssef, Casablanca, Morocco. The company is registered in the Casablanca Commercial Register with the number 77,973. BMCE Capital Gestion is an asset management company operating in the Moroccan market in accordance with the provisions of (i) the dahir constituting Law No. 1-93-213 of 4 Rebia II (21 September 1993) relating to Mutual Funds as amended and subsequently complemented by (ii) the provisions of the circulars of the Autorité Marocaine du Marché des Capitaux, Morocco’s financial industry regulatory authority.


The information published on this website is for information purposes only and is not legally binding. BMCE Capital Gestion reserves the right to modify the content and its commercial offers at any time. BMCE Capital Gestion endeavours to ensure that the information published on its website is accurate at the time of publication and that it is regularly updated. However, BMCE Capital Gestion cannot be held liable as to the accuracy, exclusivity and use by any individual or legal entity of the information provided. The purpose of this website is to present BMCE’s business and the products and services that is provides to investors. The following pages contain information which should not be construed as a solicitation to individuals or legal entities that are not financial sector professionals or those unfamiliar with market practices. The latter are advised to refer to legal documents relating to the investment in question and to seek the advice of a professional advisor of their choice. BMCE Capital Gestion advises all interested investors to carry out a prior check to ensure that they are legally authorised to subscribe for the products and services described on this website. The following pages will feature only those mutual funds whose sale is authorised in Morocco. The factsheets of the mutual funds approved by the AMMC (Autorité Marocaine du Marché des Capitaux) , Morocco’s financial industry regulatory authority, are available on this website and shall also be provided by investment advisors upon request. It is essential to study a fund’s factsheet in order to understand the type of instrument, the subscription terms and conditions as well as any possible sale restrictions. The tax implications regarding investment in fund units or shares vary according to each investor’s personal situation and may be revised. It is mandatory to make the fund factsheet available to subscribers prior to their initial subscription. All legal documents relating to BMCE Capital Gestion’s mutual funds may be obtained upon request. It is important to note that the price of a fund’s units or shares is linked to financial market trends and therefore fluctuates. Past performance is not indicative of future returns. The performance data presented is for information purposes only and does not exclude the possibility of error and/or omission by BMCE Capital Gestion and/or application malfunctions.


To be able to place orders via OPCVM Direct platform, the Client is obliged to sign an agreement (hereafter referred to as the 3OPCVM Direct agreement’) with BMCE Capital Gestion. The OPCVM Direct agreement specifies the general terms and conditions applicable for sending and receiving client orders through OPCVM Direct platform and BMCE Capital Gestion’s handling and execution of those orders.


The information generated by BMCE Capital Gestion through its simulator is provided for information purposes only. It is valid only at the time of publication. The simulations do not take into consideration subsequent amendments, if any, to the laws and regulations in effect at the time of the simulation. Moreover, the data used to carry out the simulation may change between the time the simulation is carried out and the completion of the order. Aimed at the entire range of clients, the information provided by the BMCE Capital Gestion simulator does not take into consideration the specific situation of each individual accessing the website as it is intended to be general in nature. The information is generated based on the data provided by the client and information obtained from the markets. The Client should therefore regard the estimates and other items as purely indicative. The information generated by the simulator does not under any circumstance exempt the user of the simulator from consulting our investment advisors particularly to ensure that their specific situation is taken into consideration. It cannot under any circumstance be considered as an offer or a personalised and direct solicitation to subscribe to al fund. It is not legally binding in any way on BMCE Capital Gestion or the user of the website, who is required at all times to appraise the information based on his/her own situation. The person using the website remains solely and entirely responsible for using this information and the consequences of his/her decisions.


The videos available on the website have been provided for the sole purpose of providing general information and cannot be considered as a substitute for (i) studying the legal documentation relating to each investment vehicle and (ii) consulting your own legal and financial advisors prior to investing. The aforementioned videos have been made for information purposes only and cannot be regarded as a sales offer or a solicitation to buy any financial instrument referred to in these videos. BMCE Capital Gestion has not produced the videos for the purpose of providing financial or investment advice and does not claim that the securities or services referred to in the videos are suited to every type of investor. The videos must strictly be considered as solely expressing the views of their authors.


The BMCE Capital Gestion website is accessible 24/7, except in exceptional circumstances, in the event of IT breakdowns or problems related to telecoms networks. The website may also be partially or completely inaccessible due to maintenance. BMCE Capital Gestion will endeavour to inform users but cannot be held liable in the event that the website cannot be accessed.


The entire content published on the website is legally protected in respect of literary, artistic and industrial property. The text, illustrations, photos, videos and animations including the downloadable documents are the property of BMCE Capital Gestion or are used by the latter with the consent of those owning the rights. It is strictly forbidden to reproduce or represent this information, either partially or entirely, on any medium whatsoever without obtaining the prior written consent of BMCE Capital Gestion. The brands/trademarks, logos, slogans as well as the product names are the property of BMCE Capital Gestion and may be used only after obtaining authorisation. Any reproduction or use of the material without the prior written consent of BMCE Capital Gestion may have legal consequences for the user and is liable to be regarded as an infringement.


BMCE Capital Gestion cannot be held legally responsible with regard to the content of third party websites to which users of its website are directed by clicking on embedded links. BMCE Capital Gestion is not legally liable for links that direct users to its website. It is forbidden to embed such links without the prior written consent of BMCE Capital Gestion.


The Client expressly gives his/her prior consent to personal data being collected and processed in accordance with the provisions of Law No. 09/08 relating to the protection of personal data and with the authorisation No. A -GC -121/2014 from the CNDP (National Personal Data Control and Protection Commission). Processing of personal data is designed to meet the commercial requirements inherent in relations between BMCE Capital Gestion and its partners. This data will be stored for a period of time that is deemed reasonable and sufficient with regard to the business relationship that exists between BMCE Capital Gestion and its client. Consequently, in accordance with Law No. 09/08, clients have a right of information and to access, rectify and raise an objection with regard to their personal data. Clients can exercise these rights by writing to BMCE Capital Gestion.