The Middle East’s assets under management reached $2.3 trillion in 2023, up 13% year-on-year, above the global increase of 12%.

Boston Consulting Group (BCG) said global AUM grew to $120 trillion in 2023, following a decline from 2021 to 2022.

BCG said in its Global Asset Management report that advancements in generative artificial intelligence (AI) are starting to impact across industries, and asset managers need to invest in AI-driven productivity to navigate slowing growth in traditional areas.

AI can drive productivity and personalisation of products for asset managers, BCG said, but can also transform deal sourcing and due diligence in private markets.

Middle Eastern countries have worked to position themselves as leaders in AI preparedness, but more can be done to recognise the potential benefits of early adoption and innovation, it added.

(Writing by Imogen Lillywhite; editing by Seban Scaria)