Latest news with #investmentFunds
Zawya
10-07-2025
- Business
- Zawya
The Capital Market Authority approves a set of regulatory enhancements for investment funds in the Kingdom
The Capital Market Authority ('CMA's") Board has approved a set of enhancements aimed at developing the regulatory environment for investment funds in the Kingdom. This includes amendments to the Investment Funds Regulations, the Real Estate Investment Funds Regulations, and the Glossary of Defined Terms Used in the Regulations and Rules of the Capital Market Authority. The amendments approved by the CMA Board aim to develop the regulatory framework for investment funds to enhance the asset management industry and strengthen its competitiveness by identifying areas for improvement and adopting global best practices. The amendments also include the development of additional regulatory provisions that support the growth of the investment fund and real estate investment fund sectors, enhance transparency and disclosure for fund unit holders, and establish governance standards that ensure greater protection of investors' rights. The key amendments focused on enhancing the efficiency of investment fund management by expanding the categories authorized to distribute fund units to include investment fund distribution platforms and electronic money institutions licensed by the Saudi Central Bank, through their websites or mobile applications. The amendments also developed provisions related to the termination of investment funds and the dismissal of fund managers, in addition to regulating the voluntary withdrawal of managers of public and private investment funds. Among these provisions is the requirement to obtain the CMA's approval and the obligation of the current fund manager to transfer fund management responsibilities to the successor within 60 days of receiving approval. These measures aim to protect the rights of investors in both public and private funds, ensure a smooth transition of fund management responsibilities, safeguard the interests of unit holders, and enhance investor confidence in the capital market. As part of efforts to expand investment opportunities for Real Estate Investment Traded Funds (REITs) listed on the Parallel Market (Nomu) and to support the diversification of their assets and increase their flexibility to enhance potential returns for investors, the approved amendments allow such funds, at the time of their establishment, to invest in real estate development projects without being bound by the investment ratios and asset restrictions specified in the Real Estate Investment Funds Regulations. Among the amendments approved by the CMA Board to allow public funds to subscribe to debt instruments offered privately if issued by issuers within the Kingdom. This aims to support the growth of the asset management industry, as it will enable public fund managers to subscribe to offerings from a broader range of debt instrument issuers, following the removal of previously imposed restrictions under the Investment Funds Regulations. The amendments also require money market fund managers and capital protection funds not to invest more than 10% of the fund's net asset value in debt instruments issued by a single issuer, and that the total investments of the fund in a single entity do not exceed 25% of the fund's net asset value. These measures aim to limit risk and enhance portfolio diversification. The amendments also require managers of public funds that invest in debt instruments to disclose the credit ratings of the fund's top ten debt holdings in the fund's quarterly report, in order to enhance disclosure and transparency for investors in those funds. Regarding the requirements for offering private and foreign investment funds to retail investors, the amendments include a provision aimed at enhancing investor protection. This provision stipulates that cash subscriptions from retail investors in a private fund must not exceed 50% of the total cash subscriptions in the fund at the time of offering its units. In the case of closed-ended private funds, the transfer of fund units must not, under any circumstances, result in retail investors holding more than 50% of the total value of the fund's units through cash contributions. An additional provision was introduced stating that cash subscriptions from retail investors in the Kingdom must not exceed 50% of the total cash subscriptions in the fund when offering securities issued by a foreign fund. In the case of closed-ended foreign funds, the transfer of ownership of the securities issued by the fund must not, under any circumstances, result in retail investors in the Kingdom holding more than 50% of the total value of the fund's securities through cash contributions. The amendments also included allowing capital market institutions licensed to conduct management investment activities to distribute foreign funds and offer their securities in the Kingdom, subject to specific requirements. This will enable clients in the Kingdom to invest in foreign funds. The adoption of these amendments coincides with the Capital Market Authority's approval in the past year (2024) of the launch of 44 new investment funds across various categories, including 15 equity funds, 5 money market funds, 7 endowment (Waqf) funds, and 4 exchange-traded funds (ETFs), in addition to real estate funds and other specialized funds. Investment funds accounted for the largest share of assets under management, reaching approximately SAR 700 billion by the end of 2024, reflecting a growth rate of 25.2% compared to 2023. The CMA Board's decision to adopt these amendments came following a thorough review of the regulatory provisions subject to amendment, carried out through three separate initiatives. Each initiative addressed a specific set of amendments and was published consecutively for public consultation, beginning in June 2024, followed by October 2024, and then a third round in February 2025, before the full adoption of the amendments across all three initiatives. The amended Investment Funds Regulations, the Real Estate Investment Funds Regulations, and the Glossary of Defined Terms Used in the Regulations and Rules of the Capital Market Authority can be accessed through the following links: The Investment Funds Regulations The Real Estate Investment Funds Regulations The Glossary of Defined Terms Used in the Regulations and Rules of the Capital Market Authority Capital Market Authority Communication & Investor Protection Division Media@ About: The Capital Market Authority (CMA) in Saudi Arabia unofficially started in the early fifties, and continued to operate successfully, until the government set its basic regulations in the eighties. The current Capital Market Law is promulgated and pursuant to Royal Decree No. (M/30) dated 2/6/1424H, which formally brought it into existence. The CMA is a government organization applying full financial, legal, and administrative independence, and has direct links with the Prime Minister. For more information about CMA, please visit the official website:
Zawya
10-07-2025
- Business
- Zawya
CMA approves set of regulatory enhancements for investment funds in Saudi Arabia
RIYADH — The Capital Market Authority (CMA) Board has approved a set of enhancements aimed at developing the regulatory environment for investment funds in Saudi Arabia. This includes amendments to the Investment Funds Regulations, the Real Estate Investment Funds Regulations, and the Glossary of Defined Terms Used in the Regulations and Rules of the Capital Market Authority. The amendments approved by the CMA Board aim to develop a regulatory framework for investment funds, enhance the asset management industry, and strengthen its competitiveness by identifying areas for improvement and adopting global best practices. The amendments also include additional regulatory provisions that support the growth of the investment fund and real estate investment fund sectors, enhance transparency and disclosure for fund unit holders, and establish governance standards that ensure greater protection of investors' rights. Key amendments focus on enhancing the efficiency of investment fund management by expanding the categories authorized to distribute fund units to include investment fund distribution platforms and electronic money institutions licensed by the Saudi Central Bank, through their websites or mobile applications. The amendments also address the termination of investment funds and the dismissal of fund managers, in addition to regulating the voluntary withdrawal of managers of public and private investment funds. Among these provisions is the requirement to obtain CMA approval and the obligation of the current fund manager to transfer fund management responsibilities to the successor within 60 days of receiving approval. These measures aim to protect the rights of investors in both public and private funds, ensure a smooth transition of fund management responsibilities, safeguard the interests of unit holders, and enhance investor confidence in the capital market. As part of efforts to expand investment opportunities for Real Estate Investment Traded Funds (REITs) listed on the Parallel Market (Nomu), and to support the diversification of their assets and increase their flexibility to enhance potential returns for investors, the approved amendments allow such funds, at the time of their establishment, to invest in real estate development projects without being bound by the investment ratios and asset restrictions specified in the Real Estate Investment Funds Regulations.
Yahoo
08-07-2025
- Business
- Yahoo
Seaside Equity Partners Secures Over $720 Million for Two New Funds, Expanding Support for Lower Middle Market Businesses
SAN DIEGO, July 08, 2025--(BUSINESS WIRE)--Seaside Equity Partners ("Seaside" or the "Firm"), a private equity firm focused on the lower middle market, today announced the successful closings of two new funds, Seaside Equity Partners III, L.P. ("Fund III") and Seaside Navigator I, L.P. ("Navigator I"), with total commitments of over $720 million. This significant capital raise enables Seaside to further its mission of partnering with exceptional companies to drive growth and value creation in the lower middle market. Seaside secured meaningful support from a diverse group of limited partners, including endowments, foundations, corporate and public pensions, insurance companies, consultants, and family offices. Both Fund III, with $568 million of limited partner commitments, and Navigator I, with $155 million of limited partner commitments, were oversubscribed and substantially completed in a single closing. "We are fortunate with the outcome and most grateful to our investors, companies, and colleagues for their support and trust," said Managing Partner Andrew Thompson. "Fund III and Navigator I represent a significant step forward for our firm, allowing us to expand upon our existing strategy while continuing our pursuit of a great outcome for all." Building on Seaside's investment strategy, both funds will target mission-critical service providers headquartered in the Western United States. Fund III will continue the Firm's focus on companies generating $3 million to $15 million in EBITDA. Navigator I represents a strategic expansion with a focus on companies generating less than $3 million of EBITDA, a market segment in which Seaside sees significant potential for value creation. With these new funds, Seaside Equity Partners now manages assets of approximately $1.4 billion and has invested in over 55 companies. The Firm's expanded capital base enhances its opportunity to pursue partnerships with lower middle market businesses seeking growth capital, liquidity, and strategic resources in pursuit of reaching their full potential. Shannon Advisors served as placement agent, and Kirkland & Ellis LLP provided legal counsel for the fundraise. For additional information on Seaside Equity Partners, see View source version on Contacts deals@ (858) 947-1350
Yahoo
04-07-2025
- Business
- Yahoo
IGM FINANCIAL INC. ANNOUNCES JUNE 2025 ASSETS UNDER MANAGEMENT & ADVISEMENT AND NET FLOWS
WINNIPEG, MB, July 4, 2025 /CNW/ - IGM Financial Inc. (IGM) (TSX: IGM) today reported record high total assets under management and advisement of $283.9 billion at June 30, 2025, up 12.5% from $252.4 billion at June 30, 2024. Total consolidated net inflows were $330 million during June 2025. JUNE HIGHLIGHTS IGM Financial – Record high assets under management & advisement were $283.9 billion up from $278.8 billion in the prior month. Investment fund net sales were $283 million up from net redemptions of $509 million in June 2024. Total net inflows were $330 million up from net outflows of $534 million in June 2024. IG Wealth Management (IGWM) – Record high Assets under advisement were $146.7 billion up from $143.7 billion in the prior month. Investment fund net sales were $181 million up from net redemptions of $216 million in June 2024. Total net inflows were $245 million up from net inflows of $21 million in June 2024. Record high June 2025 gross inflows of $1.4 billion up from $1.2 billion in June 2024. Mackenzie Investments – Record high assets under management were $224.6 billion up from $221.0 billion in the prior month. Investment fund net sales were $102 million up from net redemptions of $293 million in June 2024. Total net sales of $85 million up from net redemptions of $555 million in June 2024. Table 1 - Gross and Net Flows Please see for file with trended history. Wealth Management Asset Management($ millions) (unaudited) IG Wealth ManagementMackenzie Investments IGM Financial For the month ended June 30, 2025 Net flows Mutual fund net sales 181.0(142.6) 38.4ETF net creations 244.9 244.9Investment fund net sales 181.0102.3 283.3Institutional SMA net sales (17.8)(1) (17.8)Managed asset net sales 181.084.5 265.5Other net flows 64.3 64.3 Net flows 245.384.5 329.8 Gross flowsMutual fund gross sales 1,219.4662.4 1,881.8Dealer gross inflows 1,363.6 1,363.6 Table 2 – Assets under Management and Advisement ($ millions) (unaudited) June 2025 May 2025 % ChangeLast Month Wealth ManagementIG Wealth ManagementAssets under management 129,526 126,845 2.1 % Other assets under advisement 17,138 16,834 1.8 % Assets under advisement 146,664 143,679 2.1 % Asset managementMackenzie InvestmentsMutual funds 62,488 61,459 1.7 % ETFs 8,683 8,305 4.6 % Investment funds 71,171 69,764 2.0 % Institutional SMA 12,023 11,630 3.4 % Sub-advisory to Canada Life 54,031 53,741 0.5 % Total Institutional SMA 66,054 65,371 1.0 % Total third party assets under management 137,225 135,135 1.5 % Sub-advisory and AUM to Wealth Management 87,352 85,820 1.8 % Total 224,577 220,955 1.6 % ETF's distributed to third parties 8,683 8,305 4.6 % ETF's held within IGM managed products 10,046 9,761 2.9 % Total ETFs 18,729 18,066 3.7 % TotalAssets under management 266,751 261,980 1.8 % Other assets under advisement 17,138 16,834 1.8 % Assets under management and advisement 283,889 278,814 1.8 % Table 3 – Average Assets under Management and Advisement($ millions) (unaudited) Quarter to date 2025 Wealth ManagementIG Wealth ManagementAssets under management 124,484 Other assets under advisement 16,686 Assets under advisement(2) 141,170 Asset ManagementMackenzie InvestmentsMutual funds 60,261 ETFs 8,104 Investment funds 68,365 Institutional SMA 11,649 Sub-advisory to Canada Life 52,661 Total Institutional SMA 64,310 Total third party assets under management 132,675 Sub-advisory and AUM to Wealth Management 85,248 Total 217,923 ETFs distributed to third parties 8,104 ETFs held within IGM managed products 9,445 Total ETFs 17,549 TotalAssets under management 257,159 Other assets under advisement 16,686 Assets under management and advisement 273,845 1 Excludes sub-advisory to Canada Life and the Wealth Management segment. 2 The figures shown for IG Wealth Management assets under advisement reflect a daily average. For reference, the simple quarterly average based on month end values is $142,276 million. Glossary of Terms Assets Under Management and Advisement (AUM&A) represents the consolidated AUM and AUA of IGM Financial's core businesses IG Wealth Management and Mackenzie Investments. In the Wealth Management segment, AUM is a component part of AUA. All instances where the asset management segment is providing investment management services or distributing its products through the Wealth Management segment are eliminated in our reporting such that there is no double-counting of the same client savings held at IGM Financial's core businesses. AUM&A excludes Investment Planning Counsel's (IPC's) AUM, AUA, sales, redemptions and net flows which have been disclosed as Discontinued operations. Assets Under Advisement (AUA) are the key driver of the Wealth Management segment. AUA are savings and investment products held within client accounts of our Wealth Management segment core businesses. Assets Under Management (AUM) are the key driver of the Asset Management segment. AUM are a secondary driver of revenues and expenses within the Wealth Management segment in relation to its investment management activities. AUM are client assets where we provide investment management services and include investment funds where we are the fund manager, investment advisory mandates to institutions, and other client accounts where we have discretionary portfolio management responsibilities. Mutual fund gross sales and net sales reflect the results of the mutual funds managed by the respective operating companies, and in the case of the Wealth Management segment also include other discretionary portfolio management services provided by the operating companies, including separately managed account programs. ETF's represent exchange traded funds managed by Mackenzie. Institutional SMA represents investment advisory and sub-advisory mandates to institutional investors, pension plans and foundations through separately managed accounts. Other net flows and Other assets under advisement represents financial savings products held within client accounts in the Wealth Management segment that are not invested in products or programs where these operating companies perform investment management activities. These savings products include investment funds managed by third parties, direct investment in equity and fixed income securities and deposit products. Net flows represent the total net contributions, in cash or in kind, to client accounts at the Wealth Management segment and the overall net sales to the Asset Management segment. Wealth Management – Reflects the activities of operating companies primarily focused on providing financial planning and related services to Canadian households and represents the operations of IGWM. IGWM is a retail distribution organization that serves Canadian households through their securities dealers, mutual fund dealers and other subsidiaries licensed to distribute financial products and services. The majority of the revenues of this segment are derived from providing financial advice and distributing financial products and services to Canadian households. This segment also includes the investment management activities of these organizations, including mutual fund management and discretionary portfolio management services. Asset Management – Reflects the activities of operating companies primarily focused on providing investment management services, and represents the operations of Mackenzie Investments. Investment management services are provided to a suite of investment funds that are distributed through third party dealers and financial advisors, and also through institutional advisory mandates to pension and other institutional investors. ABOUT IGM FINANCIAL INC. IGM Financial Inc. ("IGM", TSX: IGM) is a leading Canadian diversified wealth and asset management organization with approximately $284 billion in total assets under management and advisement as of June 30, 2025. The company is committed to bettering the lives of Canadians by better planning and managing their money. To achieve this, IGM provides a broad range of financial planning and investment management services to help approximately two million Canadians meet their financial goals. IGM's activities are carried out principally through IG Wealth Management and Mackenzie Investments and are complimented by strategic positions in wealth managers Rockefeller Capital Management and Wealthsimple and asset managers ChinaAMC and Northleaf Capital. These strengthen IGM's capabilities, reach and diversification. IGM is a member of the Power Corporation group of companies. For more information, visit SOURCE IGM Financial Inc. 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The Guardian
25-06-2025
- Business
- The Guardian
How Lisbon made itself irresistible to tourists – and became the least affordable city in Europe
Over the past decade, Lisbon has undergone a dramatic transformation – from one of the most affordable capitals in Europe to the most unaffordable. Between 2014 and 2024, house prices in the city rose by 176%, and by more than 200% in its central historic districts. The home price to income ratio, a key indicator of housing affordability, reflects this shift with stark clarity: today, Lisbon tops Europe's housing unaffordability rankings. This trend extends to the national level. In 2015, Portugal ranked 22nd out of 27 EU countries for housing unaffordability. Today, it ranks first. In a country where 60% of taxpayers earn less than €1,000 a month, finding a rental below that price in the Portuguese capital is only possible if you're willing to live in 20 sq metres – or less. To understand how Lisbon reached this point, we need to look back to the years following the 2008 global financial crisis. As part of its shock plan to revive the economy, Portugal embraced a strategy of aggressive liberalisation, aiming to put Lisbon – and the country – on the global map for real estate investment and tourism. The government implemented a familiar neoliberal formula: rental laws were relaxed, making evictions easier and tenancy agreements shorter; generous tax incentives were introduced for non-resident buyers, including the now controversial 'golden visa' and 'non-habitual resident' programmes; and investment funds were actively encouraged to enter the property market, benefiting from additional tax exemptions. At the same time, both the hotel industry and the short-term rental sector were promoted, alongside initiatives to attract visitors, digital nomads, international students, and transient young professionals from other countries. In the historic centre of Lisbon, Airbnb-style rentals have reached dramatic levels: half of all homes hold a short-term rental licence, and in the most tourist-saturated neighbourhoods, that figure climbs to 70 out of every 100. When measured against the city's population, the number of short-term rentals in Lisbon represents a density six times higher than in Barcelona and 3.5 times higher than in London. Meanwhile, the number of hotels has tripled since 2010 – from around 100 to 300 – and the city council has already approved plans for around 50 more. This is a trend playing out across European cities and in southern Europe residents are pushing back as seen in the recent protests. These changes happened in a global context of low interest rates in which affluent people increasingly turned to housing as a place to park their savings. For this type of individual investor, buying properties in Lisbon was a win-win: they could acquire assets to use as second homes in an attractive destination and obtain rental income while they are not in the city, while benefiting from both the appreciation of the property value and tax benefits. Storing of wealth in housing drives up prices as investors are willing to pay premium prices for safe assets – the median price of transactions made by foreign buyers in Lisbon is 82% higher than the price paid by domestic buyers. Before 2008, gentrification was largely absent from many central Lisbon neighbourhoods – areas primarily inhabited by poor, elderly residents living in deteriorating buildings. Investment certainly brought building rehabilitation, but it didn't translate into residential stability. Despite the improvements, the centre of the city lost 25% of its population between 2011 and 2021. Across the municipality, of the dwellings built or renovated between during this period, only 56.5% serve as primary residences. The rest are either vacant, used as second homes, or converted into short-term rentals. All this contradicts the neoliberal supply and demand story as the escalation of property prices is not linked to an actual demand for homes to live in and the formation of new households. Instead, what we see is that Lisbon is now on the radar of investors who use housing as a financial asset: a process where real estate is produced not to meet residential needs, but to maximise returns. In a context shaped by a flexible rental law, local landlords have capitalised on this shift, engaging in rentier practices by steadily raising rents and extracting increasing value from a shrinking pool of habitable homes. The result is a city that welcomes foreign wealth but excludes many of its own citizens, prioritising the desires of global consumers over the needs of local communities. The current housing crisis reflects a stark disconnect between wages and property prices – with housing costs approaching those of global cities in a country where salaries remain among the lowest in Europe. Beyond tourists, central Lisbon is now primarily occupied by a transnational class of young, mobile professionals – the new gentrifiers. Meanwhile, locals are increasingly being pushed out or forced to adapt by renting rooms instead of entire flats. At the same time, a growing share of household income is being consumed by housing costs, deepening social inequality and widening the gap between landlords and the broader population. Contrary to the neoliberal myth that the market alone can meet the needs of the population, Lisbon offers yet another example of market failure – at least for those who see housing as a place to live with dignity. Agustín Cocola-Gant is a research fellow at the Institute of Geography and Spatial Planning, Centre of Geographical Studies, University of Lisbon
