In terms of locally domiciled funds, Saudi Arabia accounted for 57 percent of the count, but 73 percent of assets were based on the selected data (solely indicative given its incomplete nature), the GCC Mutual Fund Industry Survey 2011 showed. The survey was sponsored by Qatar Financial Centre Authority, PwC, Emirates NBD, Al Imtiaz Investment, and National Bank of Abu Dhabi. In 2011H1, GCC domiciled fund assets decreased by 6 percent from end-2010 ($1.97 billion) for funds tracked in our database. There were an estimated $1.63 billion in net out?ows from these funds, with the remainder of the decline in fund assets being attributable to market movements. In 2010, GCC domiciled fund assets increased by 7 percent ($2.3 billion) based on selected data. There were net in?ows of just $205 million in 2010. Global mutual fund assets stood at $25.9 trillion (+14 per cent y-o-y) at the end of 2011Q2 in 71,030 funds according to data compiled by Investment Company institute (ICI) from 40 countries. Global fund assets rose by 1.2 percent q-o-q at end-2010Q2. Worldwide funds experienced $106 billion in net in?ows in 2011Q2 (net in?ows were $78 billion in Q1) according to ICI, with continued ?ows into long term funds, while short term funds saw out?ows. Trade ?nance funds saw signi?cant net out?ows estimated at $1.5 billion. Equity fund assets fell by 3 per cent, with net out?ows accounting for less than a third of this decline and the remainder due to market movements. Dr. Giyas Gokkent, group chief economist at National Bank of Abu Dhabi, said: "Another challenging year has gone by for fund managers in the Gulf region. Asset prices continue to be under pressure and so are the income streams of fund management companies. These are tough times for the asset management industry, but strides have been made on a number of fronts, nevertheless. For example, product ranges are broadening. Regulators are raising the bar and striving for greater investor protection which will bene?t the industry in the long term." "Asset managers in the United Arab Emirates are constructively engaging with regulators to contribute to the implementation of international best-practice and, in the process, also coalescing into a tentative investment management association - a ?rst in the region. Data availability on the sector is also improving and will, no doubt, continue to do so. Index companies are getting closer to reclassifying some of the local markets to emerging market status from the present frontier category in light of regulatory and infrastructure improvements. "The twin goals of the book remain unchanged: to provide a description of the 'visible universe' of the GCC mutual fund industry within the constraint of data availability and continue to act as a catalyst for the development of the regional fund industry. This year's edition has signi?cantly expanded coverage from last year's dataset. It includes a wider comparison of various jurisdictions in the region and also provides a directory at the end of each chapter."
