UCITS
Short definition
Undertaking for Collective Investment in Transferable Securities. Investment funds managed by professionals and accessible to savers.
Detailed definition
UCITS are collective investment funds allowing individual savers to access financial markets via professional manager. 4 categories in Morocco: money market (short-term, 2.5-3.2%), bond (medium-term, 3.5-5%), equity (long-term, 6-12%), diversified (mix). Entry ticket from 1,000 MAD. Favorable taxation: 15% TPPRF (vs 30% on passbooks). Main players: Wafa Gestion, CDG Capital Gestion, BMCE Capital Gestion.
Concrete example
50,000 MAD investment in equity UCITS, 8% annual return. After 10 years (no withdrawals): value ≈ 107,946 MAD (× 2.16). Net gain after 15% TPPRF: 49,254 MAD.
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