According to Médias24, Managem accounted for 11.28% of the MASI as of September 10, 2026, following an increase of more than 181% since January. The group had also become the largest listed company on the Casablanca Stock Exchange by market capitalization, reaching MAD 213.6 billion, while remaining the second-largest weighting in the MASI behind Attijariwafa bank.
Beyond these market figures, this development provides an opportunity to explore a broader question: when a company enters a new phase of growth, how can its organization and human capital evolve at the same pace?
Scaling up is never only a financial challenge.
Ambitions may grow, projects may become more complex, and responsibilities may expand. In this context, another question becomes increasingly important: does the organization have the skills, leaders, and structure required to support its development?
Growth also raises the bar for the organization
When a company enters a new stage of development, its organization needs to be able to evolve with it.
For an industrial group, this may involve maintaining operational performance, managing investments, controlling risks, strengthening governance, and coordinating increasingly complex projects.
Financial or industrial growth therefore needs to be supported by the appropriate organizational capabilities.
A company may have the resources required to expand its activities, yet still encounter difficulties if its processes, responsibilities, and capabilities do not evolve at the same pace.
This is where human capital takes on its full strategic importance.
Critical skills become a strategic asset
In industrial and technical environments, some areas of expertise take considerable time to develop and can be difficult to replace quickly.
Engineering, operations, maintenance, finance, project management, supply chain, HSE, and digital transformation are just some examples.
As an organization becomes more complex, access to experienced professionals can become increasingly important.
The challenge is therefore no longer simply to recruit when a position becomes vacant.
It is also about identifying in advance the capabilities the organization may need to support its next stages of development.
This forward-looking approach helps distinguish between capabilities that can be developed internally and those that may require an external search.
Most importantly, it allows organizations to move from reactive recruitment to genuine workforce and capability planning.
Leadership becomes decisive when a company changes scale
Major transformations do not rely solely on investments or strategic plans.
They also depend on leaders and managers who can translate ambition into decisions, and decisions into execution.
As an organization grows, managerial responsibilities evolve as well.
The ability to delegate, structure responsibilities, set priorities, support teams, and ensure an effective flow of information becomes increasingly important.
This is also where Executive Search takes on a strategic dimension.
The objective is no longer simply to identify someone with a certain number of years of experience.
It is about identifying a leader or strategic profile whose expertise, experience, and leadership approach are aligned with the organization’s next development cycle.
Executive Search and Human Capital advisory are both part of MAK Associates’ areas of expertise.
Succession planning should start before it becomes urgent
The more critical a role is, the greater the organizational risk created by excessive dependence on a single individual.
Growing companies therefore benefit from identifying their strategic positions and anticipating different succession scenarios.
Who could step into a key role tomorrow?
Which capabilities already exist within the organization?
Which employees have the potential to take on greater responsibilities?
And which positions may require an external search?
Succession planning can turn internal mobility, talent development, and recruitment into genuine tools for organizational continuity.
It also allows companies to prepare for transitions before they become urgent.
Attracting talent is not enough — companies also need to retain it
Growth and visibility can make an organization more attractive in the employment market.
But attracting high-quality professionals is only part of the equation.
Companies also need to create the conditions that allow those professionals to stay, grow, and contribute sustainably to organizational performance.
Clear responsibilities, career opportunities, management quality, compensation policies, recognition, and capability development all play a role.
In an environment where certain areas of expertise are particularly sought after, the ability to retain talent also becomes a strategic issue.
Human capital can therefore no longer be viewed as a purely administrative function.
It becomes a direct component of the organization’s ability to execute its strategy.
From financial performance to execution capacity
Managem’s growing weight in the MASI is first and foremost a financial and stock-market development.
On its own, it does not allow any conclusion to be drawn about the group’s HR strategy, internal organization, or management practices.
It does, however, provide an interesting starting point for considering a much broader challenge shared by organizations entering a new stage of growth.
The greater the ambition, the more important execution becomes.
And execution depends directly on the women and men who run operations, make decisions, develop expertise, transfer knowledge, and build the organization of tomorrow.
A company may be able to finance its growth. Its skills, leadership, and organization are what enable it to turn that growth into sustainable performance.
MAK Associates supports organizations in structuring their human capital, strengthening their organization, and identifying strategic and executive profiles through Executive Search.
News source: Médias24 — “Managem pèse désormais 11% du MASI : ce que cela change pour les gérants de fonds,” September 10, 2026.