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FBN Money Market Fund hits N20billion

By on March 11, 2014

Less than two years after its launch, the FBN Money Market Fund now has over N20 billion in assets under its management.

The Fund, managed by FBN Capital Asset Management, is an open ended mutual fund that invests in a broad range of money market securities such as Treasury Bills (TBs) and commercial papers, and aims to offer a high level of security coupled with a competitive yield.

The company in a statement said based on the figure reported as at the 6th of March, 2014, the Fund is currently yielding 11.69 per cent, which is much higher returns than customers would receive in a regular savings account.

The Fund, the statement added, is also rated Aa(f) by Agusto and Co. because it has minimal to low risk of investment loss due to low net asset value volatility.

Commenting on the milestone achieved, Managing Director and Head of FBN Capital Asset Management, Michael Oyebola,  said: “The FBN Money Market Fund launched at N1.5 billion in September 2012 and we have witnessed the Fund grow exponentially over the past 18 months both in terms of performance and assets under management. The Fund has also consistently paid a dividend to unit holders quarterly in March, June, September and December every year.

“FBN Capital Asset Management Limited is the Asset Management company of the FBN Capital Group (a subsidiary of FBN Holdings Plc). The firm was recently recognised as Best Investment Bank in Nigeria for the third year running by Global Finance Magazine, and in 2013 was also named in the World Finance Banking Awards as the Best Investment Bank in Nigeria and the EMEA Finance African Banking Awards as the Best Local Investment Bank.”

The FBN Money Market Fund, he said, is managed by a team of professional and qualified Fund Managers who have years of experience adding that the Fund is suitable for savers and investors who are looking to enhance the returns on their money and investments start as low as N5,000.

“Investing in the fund is easy and open to everyone. Interested individuals can visit any First Bank branch nationwide or visit FBN Capital Asset Management at their offices located in Lagos, Abuja and Port Harcourt to subscribe, “he explained.

 

 

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