The number of registered mutual funds with the Securities and Exchange Commission from 2019 to February 2021 has grown by 73.83 per cent in Net Asset Value.
The Divisional Head of Listings Business at the Nigerian Stock Exchange, Mr Olumide Bolumole, disclosed this at the digital Closing Gong Ceremony to commemorate the election of Mrs. Tope Omojokun as the President, Fund Managers Association of Nigeria on Tuesday.
In a statement made available to Financial Street, Bolumole explained that interest in the mutual funds asset class grew from 76 in 2019 with NAV in excess of N600bn to 102 mutual funds with NAV of over N1.43tn as at February 2021.
He said, “On behalf of the National Council and Management of the NSE, I extend our warmest congratulations to Mrs. Omojokun on her election as President, FMAN. I must also commend FMAN for its continuous collaboration in ensuring increased efficiency and investor participation in the Nigerian mutual funds market.
“As at February 19, 2021, the number of registered mutual funds with SEC has grown from 76 in 2019 with NAV in excess of N600bn to 102 mutual funds with NAV of over N1.43tn; 56 of which are listed on the NSE with NAV of over N1.24tn representing 88.3 per cent of total NAV. This confirms the NSE as the preferred listing destination for this asset class and we will continue to strategically position ourselves to support the growth of our fund managers and stakeholders.”
Omojokun extend her gratitude to the NSE for the honour.
She said, “We are collaborating with the X-Academy to train our members and the public on adopting best investment practices and we look forward to other avenues to work together for the development of the capital market.”
Last year, the NSE admitted two mutual funds, the N500m ARM Fixed Income Fund and the $1m ARM Eurobond Fund, on its memorandum listing platform.