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Stanbic IBTC Asset rewards mutual funds investors

By on September 16, 2011

Stanbic IBTC Asset Management Limited (SIAML) has assured stakeholders that strict adherence to the code of good governance, will remain pivotal to its operations.

Chairman of SIAML, Mr. Yinka Sanni made the pledge while declaring dividends for unit holders of its mutual funds, at their Annual General Meetings.

The mutual funds are Stanbic IBTC Nigerian Equity Fund, SINEF, Stanbic IBTC Ethical Fund, SIEF, Stanbic IBTC Guaranteed Investment Fund, SIGIF, Stanbic IBTC Bond Fund, SIBOND and the Stanbic IBTC Money Market Fund, SIMM.

Unitholders at the annual general meeting held in Lagos, unanimously approved the funds audited financial statements for the period ended December 31st 2010, as well as the distribution of N115.00 for SINEF, N0.05 for SIEF, N3.50 for SIBOND and N1.00 for SIGIF per unit of the Funds.

SIMM in compliance with the rules and regulations of the Securities & Exchange Commission distributed all income generated for the period under review quarterly to qualifying unitholders.

In his welcome address, Mr. Sanni, said corporate governance will remain critical to its operations to safeguard and ensure optimal returns on investment for investors in its funds.

According to him, adherence to best practices by the fund manager, as well as the appointments of a trustee and a custodian with impeccable pedigree in line with the prudential guidelines of the Securities and Exchange Commission (SEC), exemplify this. First Trustees Nigeria Limited and UBA Global Investors Services have been appointed trustees and custodians to SINEF, SIEF, SIGIF, SIBF and SIMMF, respectively.

“Stanbic IBTC Asset Management Limited is committed to implementing initiatives that improve corporate governance for the benefit of all stakeholders. The Board of Directors remains steadfast in implementing governance practices that comply with international best practice,” Mr. Sanni said.

On his part, the Managing Director of SIAML, Mr Olumide Oyetan stated that in the year under review, the economy recorded impressive growth resulting in the overall GDP growth for 2010 estimated at 7.85% compared to 6.96% recorded in 2009.

Explaining the result, Mr. Oyetan stated the signing of the Asset Management Corporation of Nigeria (AMCON) bill into law and the corporation’s commencement of operations in the fourth quarter of 2010, increased liquidity of banks and their ability to create risk assets, thereby further boosting their profitability.

“The performance in Q4 was driven by the commencement of operations by the Asset Management Corporation of Nigeria.

We expected that AMCON and resultant activities in the banking sector should lead to positive earnings and a healthier banking sector, increased lending to the private sector and improvement in company financials, as well as an improved outlook for the Nigerian economy,” he added.