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Legacy Equity Fund records N115m gross income, N93m profit

By on June 30, 2015

The Legacy Equity Fund, unit trust scheme managed by First City Asset Management Limited, recorded gross income of N115.20 million and net profit of N92.81 million for 2014 financial year.
A further analysis of the performance of the Fund showed that for the period July 2013 to June 2014, it generated a return of 9.77 per cent, with a calendar year-end Offer price of N1.46. This was above the June 2014 one-year average inflation rate of eight per cent.

Unit holders of will meet tomorrow in Lagos for 4th Annual General Meeting (AGM) of the fund. The meeting will consider the report and financial statements of the Fund, for the year ended June 30, 2014.

The unit holders will, among other things, seek approval for the amendment of the Principal Trust Deed by a Third Supplemental Trust Deed. They will approve the payment of a dividend.

Speaking on the environment in which the fund operated, the Chief Executive Officer of First City Asset Management Limited, Mr. James Ilori, stated that the Central Bank of Nigeria’s tight monetary policy stance, as shown by increases in the Cash Reserve Requirement Ratios on both public and private sector deposits, created some level of uncertainty in markets.

“However, confidence in the Nigerian economy remained relatively high, with the Naira exchange rate remaining relatively stable and the inflation rate averaging eight per cent in the Fund year, compared with 10.4 per cent in the previous Fund year,” he said.
Ilori explained that Legacy Equity Fund is specifically designed for individuals who want a broad exposure to the Nigerian Stock Exchange.

“This allows the client to invest in a well-diversified portfolio of shares on the stock exchange with as little as ten thousand units at the prevailing offer price. As the manager of the Fund, First City Asset Management Ltd ensures that the public subscribe to the Fund and thereafter invests such money in quoted companies and other financial instruments in accordance with the Trust Deed.