Mutual Funds’  assets  hits N1tn in February

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Mutual Funds’  assets  hits N1tn in February

The Nigerian Stock Exchange (NSE) has disclosed that the Net Asset Value (NAV) of registered mutual funds has grown to N1.43 trillion as of February 19, 2021.

The Divisional Head, Listings Business, NSE, Mr. Olumide Bolumole said that the number of registered mutual funds with the Securities and Exchange Commission (SEC) has grown from 76 in 2019 with NAV in excess of N600billion to 102 mutual funds with NAV.

Speaking at The NSE’s digital Closing Gong Ceremony to commemorate the election of Mrs. Tope Omojokun as the President, Fund Managers Association of Nigeria (FMAN) Tuesday, Bolumole stressed that 56 of 102 mutual funds were listed on The NSE with NAV of over N1.24 trillion representing 88.3 percent of total NAV.

Congratulating Omojokun on behalf of the National Council and Management of The NSE on her election as President, Bolumole noted that the development confirmed The NSE as the preferred listing destination for the asset class, adding that it would continue to strategically position to support the growth of fund managers and its stakeholders.

Bolumole commended the FMAN for its continuous collaboration in ensuring increased efficiency and investor participation in the Nigerian mutual funds market.

On her part, Omojokun commended FMAN’s partnership with the NSE that the improvement has brought about the trading of listed funds on The Exchange, adding that FMAN was working towards the display of mutual funds prices on the ticker tape of the NSE.

He disclosed that the association was collaborating with the X-Academy to train its members and the public on adopting best investment practices while looking forward to other avenues to work together for the development of the capital market.

FMAN was established to promote the operations of fund managers registered with the SEC and its objectives include self-regulation and supervision of its members; the enforcement of global best practices in its members’ operations, and most importantly, the education of the public on investments.

Last year, The Exchange admitted two mutual funds; (N500,000,000) ARM Fixed Income Fund and ($1,000,000) ARM Eurobond Fund on its memorandum listing platform. The Exchange has also achieved all-round increased efficiency in terms of competitive pricing structures, improved turnaround time, and enhanced customer experience. As such, market participants continue to look forward to more listings in the coming months.

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