Investment Management and Capital Market Related Services in Pakistan: An Exploratory Study

Abstract

This study examined the current landscape of investment management and capital market related services in Pakistan, focusing on investor behavior, service accessibility, financial literacy, and perceived institutional efficiency. This study further examined the structure, recent evolution, regulatory environment, and prospects of investment management and capital-market–related services in Pakistan. It synthesizes regulatory developments, industry statistics, market performance, and the product landscape (mutual funds, pension funds, ETFs, and advisory/wealth management). The study identified drivers of recent growth, structural constraints (liquidity, corporate governance, macroeconomic volatility), and proposes policy and industry measures to deepen markets, broaden retail participation, and strengthen institutional capacity. A structured quantitative survey was conducted among 300 respondents, including individual investors, financial professionals, and institutional clients across major Pakistani cities. The results indicate growing awareness of investment products, yet persistent gaps in trust, transparency, and technological integration hinder market participation. The findings emphasize the need for policy reforms, enhanced investor education, and stronger regulatory mechanisms to promote sustainable growth in Pakistan’s capital markets.