Stanbic IBTC money market fund crosses N50 billion mark
According to a statement on Wednesday, the Fund (SIMM), managed by Stanbic IBTC Asset Management, a subsidiary of Stanbic IBTC Holdings, achieved this milestone in October 2015, which further positioned it 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, which represent 22 per cent of the N230 billion Nigerian Collective Investment Scheme (CIS) or Mutual Fund market in assets under management as at Friday, October 16 2015, with an effective yield of 12.45per cent.
The company described the achievement as an industry feat, which the five-year old Fund accomplished after a period of consistent growth.
The Chief Executive, Stanbic IBTC Asset Management, Bunmi Dayo-Olagunju explained 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.
The Fund, which was established in 2010, invests 100per cent of its assets in fixed income investments, including treasury bills, money market placements, commercial papers and other instruments approved by the Securities and Exchange Commission.
According to the company, it has has consistently paid dividends to its subscribers since inception. Other funds managed by Stanbic IBTC Asset Management include: Stanbic IBTC Nigerian Equity Fund; Stanbic IBTC Bond Fund; Stanbic IBTC Guaranteed Fund; Stanbic IBTC Balanced Fund; Stanbic IBTC Ethical Fund; Stanbic IBTC Imaan Fund; Stanbic IBTC Conservative Fund; Stanbic IBTC Absolute Fund; Stanbic IBTC Aggressive Fund; and Stanbic IBTC ETF 30 Fund.
Dayo-Olagunju assured subscribers to the SIMM Fund as well as other funds managed by Stanbic IBTC Asset Management that the fund manager would continue to leverage on the rich heritage of the Standard Bank Group 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. had recently 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.