The Securities and Exchange Commission (SEC) has said the total Asset Under Management (AUM) of mutual funds in Nigeria topped N300 billion for the first time. This follows increased interest by local and international investors in Nigeria’s Mutual Funds.
The development has been attributed to the current state of the economy, stock market and interest rate fluctuations, as well as much improved mutual funds offerings.
This is further backed by a recent report by Quantitative Financial Analytics, which estimated that Nigerian mutual funds attracted N42 billion inflows in the first quarter of 2017 as against the N49 billion inflows recorded in 2016.
Nigeria’s mutual funds’ assets also grew to N318 billion at the beginning of second half of 2017, up by 42 per cent on a YTD basis from 2016-year end value of N223.6 billion.
Speaking on the trend at the launch of Coronation Mutual Funds, a Senior Funds Manager and Head, Coronation Asset Management, Emeka Okolo said active portfolio management by experienced professionals offer investors better prospects on their investments.
This, he noted, happens, especially during market volatility and economic downturn, as is the case with Nigeria, making mutual funds an optimal choice.
On the Coronation Mutual Funds, he added: “No one can doubt the capacity and expertise of Coronation Asset Management to deliver competitive returns to investors in the Coronation Mutual Funds.
Okolo said the Naira denominated, open-ended mutual funds by Coronation Assets Management, which has witnessed a high subscription rate by individual, retail and institutional investors has continued to elicit excitement.
Source: G Business