BMCE Capital Gestion

With a strong expertise in managing funds, our team of experts will help you build the very best investment strategies across all asset classes.

Myriem BOUAZZAOUI , Chief Executive Officer

As a leading player in Morocco’s Asset Management industry, BMCE Capital Gestion provides institutional, corporates and individual investors  with effective investment solutions. 

Since 1995, BMCE Capital Gestion has built a reputation for high-quality investment solutions and organisation that meet the highest global standards. Our strategy is driven by innovation and the will to continuously outperform in every level of our business.

We benefit from the solid support of BANK OF AFRICA Group, one of the leading financial institutions in Morocco, as well as the expertise of support functions of its investment bank, BMCE CAPITAL. To serve your interests as best as we can, we focus all our efforts on our core business, the asset management.

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A high quality management reputation
  • 71

    MAD billion of assets under management

  • 14 %

    market share

  • 52

    funds managed

  • 21

    years’ experience in asset management

  • Data as of 25/12/2020
  • BMCE Capital Gestion
  • BMCE Capital Gestion


BMCE Capital Gestion

Our mode of governance ensures that we operate with independent oversight and with full transparency towards our clients. Our team of experts is dedicated to guide you and advise you over the long term.We are strongly commited to risk control and continous innovation, resulting in high-performing investment solutions which are tailored to every need.

Our aim is to build a relationship of trust and to help you create value.

Meryem BOUAZZAOUI, Chief Executive Officer



We focus all our energy on guiding our clients in their investment processes to enable them identify the most suitable investment solution.

Our team is commited to advise you, inform you of the very latest economic and financial trends and help you make the right choices.

We are entirely dedicated to efficiency, performance and confidentiality in every level of our business in order to develop a relationship built on trust.



Since the very inception of our company, we have always placed innovation at the core of our business.

Innovation is more than just a value. It is a commitment, an integral part of our corporate culture.

We foster a spirit of innovation to be able to offer products which are suited to your needs and the industry. 

We innovate to ensure that our management and asset-selection processes are in tune with the latest economic trends.

We innovate to keep a step ahead in the Moroccan asset management industry and to deliver solid and sustainable performance.



At BMCE Capital Gestion, asset management is more than just a business, it is a passion. We are commited to maximising performance over time by constantly controlling risk. Our mode of management is based on stringent risk management and robust investment process.

The expertise of our team, across all asset classes, enables us to provide you with the highest quality management regardless of your needs. Our aim is to optimise the risk-return profile on your specific needs.



Our high level of expertise, the quality of our organisation and our cutting-edge IT systems enable us to offer you services that are compliant with the highest global standards.

Our portfolio management and order processing systems ensure high levels of safety and efficiency. As a result, we are able to operate in any type of market and asset class with success.

BMCE Capital Gestion -


  • BMCE Capital Gestion


    BMCE Capital Gestion is rated ‘Highest Standards (mar)’ by Fitch Ratings. This rating is the highest awarded by Fitch Ratings within Morocco’s mutual fund management industry. This distinction reflects our experience and the commitment of our shareholder, the quality of our control processes, our highly reliable governance processes, our efficient operational processes and our technological platform which meets the highest global standards.

    Rating obtained for the first time in 2003 – most recently updated in January 2018

  • BMCE Capital Gestion


    BMCE Capital Gestion was the first asset management company in Morocco to obtain Type I and Type II ISAE 3402 global certification for the compliance of its internal control processes.

    This certification underlines our commitment to update our internal control processes regularly and highlights senior management’s commitment to pursuing an effective risk management policy.

    Certification obtained in 2013 – most recently updated in June 2017

  • BMCE Capital Gestion


    BMCE Capital Gestion was the first asset management company in Morocco to acquire ISO 9001:2015 certification, underlining the effectiveness of the company’s quality management system which covers all processes.

    Certification obtained in 2014 (ISO 9001:2008) – most recently updated in May 2018 (ISO 9001:2015)

  • BMCE Capital Gestion


    The FCP Capital Monétaire money market fund is the first Moroccan fund to be rated by Standard and Poor’s. Standard & Poor's assigned the fund an ‘Af/S1+’ global rating, which acknowledges the credit quality of the assets held in the portfolio.

    Certification obtained in 2013 – most recently updated in December 2017


    At the Lipper Fund Awards MENA 2018, organised by Thomson Reuters in Dubai, three of BMCE Capital Gestion’s funds won awards for performance quality:

    • FCP Capital Terme: Best Fund Awards over 3years , 5 years and 10 years in the Bond Morocco Dirham category.
    • FCP Capital Imtiyaz Liquidité : Best Fund Award over 3 years in the Bond MAD Short Term category.
    • FCP Capital Multi-Gestion : Best Fund Award over 10 years in the Mixed Asset MAD Balanced category.
  • BMCE Capital Gestion


    BMCE Capital Gestion is the first asset management company in Morocco to obtain the "Engagements de Service" certification. Through these services commitments, BMCE Capital Gestion is commited to its clients over the respect of 7 commitments related to the quality of service delivered.
    This certification, awarded by Bureau Veritas Maroc, confirms BMCE Capital Gestion's commitment to raise its standards to international best practices in order to increase client satisfaction.
    Certification obtained in 2016 - most recently updated in May 2018

  • BMCE Capital Gestion

    MENA Fund Manager Performance Awards 2018

    At the MENA Fund Manager Performance Awards 2018, organised in Dubai in January 2018, FCP Capital Long Short won an award in the "Newcomer Fund - 12-24 Months" category. This award acknowledge FCP Capital Long Short as the most innovative fund in MENA region.



Our team is entirely focused on our core business, asset management. Whether it is market analysis, asset management, customer relationship management or control processes, we are dedicated to managing funds so as to meet all of your needs. The Risk and support functions (legal, IT systems, risk management, human resources, organisation and quality) are provided by BMCE Capital.

Our team is made up of expert asset managers and investment advisors specialised by investor profile (institutional investors, corporates and individual investors). They provide customised services on a continuous basis.

Customer relationship management at the core of our organisation

The Investor Relations Unit is the interface between BMCE Capital Gestion and you.

Our investment advisors are specialised in three different client segments: institutional investors, corporates and individual investors. They are in regular contact with you through meetings or telephone calls. Ongoing contact enables to monitor results and provides you the best possible guidance depending on your investment needs.

Customised solutions can be provided in respect of specific investment requests in conjunction with the investment management team, particularly regarding replies to consultations.
Investment advisors are responsible for monitoring the entire order process, from when an order is placed right through to conveying investment reports to clients.

Investor Relations’ main responsibility is to keep you informed and advise you. 


A well-integrated organisation across business lines, enabling us to respond to our clients’ needs effectively

BMCE Capital Gestion


Our organisation and governance system allow us to take a highly disciplined approach to managing investments. Several committees covering investment, management, sales strategy, risk and innovation ensure that our actions are rigorously monitored.
Our cutting-edge IT systems enable us to manage assets and liabilities in line with the highest global standards and steer our business with precision :

-the SOPHIS VALUE solution : the leading software solution in the portfolio management and risk management industry

-CRM BMCE Capital Gestion : a specialist CRM tool

-BI BMCE CapitaGestion : the next-generation business intelligence application.


For our high-quality operational infrastructure, expertise, ability to anticipate, innovative management teams and a highly diverse range of products and services… These are just some of the attributes that have enabled us to build a solid track-record, obtain the highest ratings and international certifications.

BMCE Capital Gestion


BMCE Capital Gestion Years
  • 1995
  • 1999
  • 2002
  • 2003
  • 2007
  • 2008
  • 2010
  • 2011
  • 2012
  • 2013
  • 2014
  • 2015
  • 2016
  • 2017
  • 2018
  • 2019
  • Fitch affirms BMCE Capital Gestion at 'Excellent (mar)'
  • At the MENA Fund Manager Performance Awards 2018, FCP Capital Long Short won the best fund award in the "New Comer" category
  • Fitch affirms BMCE Capital Gestion at 'Excellent (mar)'
  • At the Lipper Fund Awards MENA 2018, the following funds won awards for their performance quality:
  • FCP Capital Terme: Best Fund awards in the "Bond MAD" category
  • FCP Capital Imtiyaz Liqudité : Best Fund award in the "Bond MAD Short Term" category
  • FCP Capital Multi-Gestion: Best Fund award in the "Mixed Asset MAD Balanced" category
  • At the MENA Fund Manager Performance Awards 2017, FCP Capital Combo won the best fund award in the "New Comer" category
  • At the Lipper Fund Awards MENA 2017, the following funds won awards for their performance quality:
  • FCP Capital Balance: Best Fund award in the "Mixed Asset MAD Balanced" category
  • FCP Capital Terme: Best Fund award in the "Bond Morocco Dirham" category
  • "Engagements de Service" and ISO 9001:2015 certifications obtained
  • Launch of Morocco's first mutual fund with an investment strategy based on Long/Short strategies : FCP Capital Long/Short
  • Fitch affirms BMCE Capital Gestion at 'Highest Standards (mar)'
  • BMCE Capital Gestion celebrates its 20th anniversary with the launch of its institutional website and OPCVM Direct for client accounts
  • At the Lipper Fund Awards MENA 2015, the following funds won awards for their performance quality:
  • FCP Capital Multigestion: Best Fund award in the "Mixed Asset MAD Balanced" category
  • FCP Capital Participations: Best Fund award in the "Equity Morocco Dirham" category
  • FCP Capital Terme: Best Fund award in the "Bond Morocco Dirham" category
  • FCP Capital Imtiyaz Liquidité: Best Fund certificate in the "Bond Morocco Dirham - Short Term" category
  • 2 new thematic funds launched:
  • Investment theme focusing on Africa: FCP Capital Afrique
  • Investment theme focusing on Social Responsibility: FCP Capital ISR
  • 2 new funds launched with an innovative management approach:
  • Multi-assets and multi-zones balanced fund: FCP Capital Global Macro
  • Defensive fixed income fund with a dynamic exposure to equities: Capital Combo
  • ISO 9001:2008 certification obtained for Quality Management System covering all BMCE Capital Gestion’s processes
  • FCP Capital Imtiyaz Liquidité wins the award for the "Best Fixed-income Fund in Morocco" by Zawya Fund Awards 2013
  • BMCE Capital Gestion’s internal control processes obtains ISAE Type II certification for compliance
  • Fitch Ratings affirms its rating at ‘Highest Standards (mar)’
  • BMCE Capital Gestion’s internal control processes obtains ISAE Type I certification for compliance
  • Standard & Poor's assigns the "FCP Capital Monétaire" money market fund an ‘Af’ global rating
  • Fitch Ratings upgrades BMCE Capital Gestion's rating to ‘M2+ (mar)’ from ‘M2 (mar)’
  • Launched of "Capital Obligations Banques", a Moroccan fixed-income fund, investing in bank sector debt securities
  • Winning of the EMEA Finance award for the best asset management company in Morocco
  • BMCE Capital Gestion acquires SOPHIS VALUE, a cutting-edge IT management solution
  • Launch of the Morocco’s first-ever capital guaranteed fund which replicates the performance of Eurostoxx 50, a European equity index
  • Company changes its name from ‘MARFIN’ to ‘BMCE Capital Gestion’
  • Fitch Ratings assigns ‘AA-‘
  • Capital Obligations Plus launched, the first Moroccan fund to invest exclusively in corporate debt securities
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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.