FBN Capital grows money market fund to N54b

FBN Money Market Fund has recorded over N54 billion in assets, from N1.5 billion after three years when it was first launched.

The Fund, managed by FBN Capital Asset Management and operated under the brand name FBNQuest, is a Securities and Exchange Commission-registered open-ended mutual fund that invests in a broad range of money market securities.

The investments include treasury bills, commercial papers, fixed deposits and aims to offer a high level of security, coupled with competitive yield.

Based on the figure reported as at October 29, 2015, the fund is currently yielding 12.39%- much higher returns than customers would receive in a regular savings account.

The fund 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.

The Managing Director and Chief Investment Officer of FBN Capital Asset Management, Michael Oyebola, said: “There is a growing recognition among large and small investors and savers nationwide that there is a credible and worthwhile alternatives to saving their hard-earned money and earning returns that some thought were exclusive to the affluent.

“Everyday, more and more investors and savers, both local and international, across retail, affluent, HNI and Institutional Investors, move their savings and investible funds to the FBN Money Market Fund, as we have delivered consistent returns since inception”.

The fund is a short-to-medium term investment solution that provides stability, liquidity and income on a quarterly basis to unit holders.