Riyadh – Mubasher: Moody’s Investors Service has announced upgrading the rating of Saudi Arabia-based Jadwa's manager quality assessment to MQ1.

The New York-based rating agency attributed the upgrade to an improvement in the firm’s performance discretionary portfolios and equity funds.

“The second driver of the upgrade to MQ1 is the ability to retain and replace clients as shown by the steady growth in AUM over the last five years with a compound annual growth rate of 17% (including market appreciation),” Moody’s said in a statement.

In January 2018, Jadwa collected about SAR 2.2 billion from listing on two real estate investment traded funds (REITs) increasing its total assets under management (AUM) by 9% on a yearly basis.