Stanbic IBTC Money Market Fund crossed the N50billion mark in Net Assets value, becoming the first-low risk open-ended mutual fund to achieve such in West Africa.
The Stanbic IBTC Money Market Fund (SIMM), managed by Stanbic IBTC Asset Management, a subsidiary of Stanbic IBTC Holdings, achieved this milestone in October 2015 and further burnished its position as the largest listed fund in the country.
The latest report on collective investment schemes by the Securities and Exchange Commission, the industry regulator, showed that Stanbic IBTC Money Market Fund has N50.19 billion i.e. 22 per cent of the N230 billion Nigerian Collective Investment Scheme/Mutual Fund market in assets under management in the week to October 16, 2015, with an effective yield of 12.45per cent.
Stanbic IBTC Asset Management described the milestone, an industry first, which the five-year old Fund accomplished after a period of consistent growth, as an indication that investors view the Fund as an investment haven, one with a history of consistent and exceptional returns to its subscribers.
Chief Executive, Stanbic IBTC Asset Management, Bunmi Dayo-Olagunju, said that the historic N50 billion mark not only demonstrates the Fund’s leadership position in the industry but also shows the level of expertise and commitment by the fund managers to ensure safety of invested funds while enhancing returns.
“This is an important milestone for us. The Fund is just five years old, and to have achieved asset under management of over N50billion is a remarkable feat, which highlights the solidity and competencies of Stanbic IBTC Asset Management as Nigeria’s leading asset management company,” Dayo-Olagunju said.
Dayo-Olagunju assured subscribers to the SIMM Fund as well as other funds managed by Stanbic IBTC Asset Management that the fund manager will continue to leverage on the rich heritage of the Standard Bank Group, to which Stanbic IBTC belongs, to manage their funds in a prudent, efficient and responsible manner.
“Stanbic IBTC Asset Management derives a rich heritage from the Standard Bank Group’s 153 years of experience in risk management and offering excellent services to clients. We plan to regularly leverage our robust risk management framework to safeguard investments and ensure the best returns for investors in SIMM and other Stanbic IBTC mutual funds,” Dayo-Olagunju stated.
The credit rating agency, Agusto and Co. has rated Stanbic IBTC Money Market Fund “Aa(f)”, the highest rating by a mutual fund managed in Nigeria, for four consecutive years, based on the “minimal exposure to downside risk (impairment of the net asset),” according to the rating agency. The rating also speaks to the quality of the prudent investment guidelines and risk management approach adopted in the management of the Fund with respect to interest rates and credit risks.