FCMB Asset Management Limited (FCMBAM), the asset management arm of FCMB Group Plc, has announced that it received approval from the Securities and Exchange Commission (SEC) for the execution of supplemental Trust Deeds for its mutual funds. The approval includes a name change for its legacy mutual funds and a reduction in the minimum subscription units. This follows successful unitholder meetings where investors voted in favor of the proposed changes.
Brand Consolidation
The changes represent a deliberate step in FCMBAM's ongoing brand consolidation, aligning the company's public-facing products with the FCMBAM identity, which has become synonymous with disciplined, transparent, and internationally benchmarked asset management services in Nigeria.
Fund Name Changes
Effective from the date of SEC approval, the following name changes are now in full legal force:
- Former Name: Legacy Money Market Fund → New Name: FCMBAM Money Market Fund
- Former Name: Legacy Debt Fund → New Name: FCMBAM Debt Fund
- Former Name: Legacy Equity Fund → New Name: FCMBAM Equity Fund
- Former Name: Legacy USD Bond Fund → New Name: FCMBAM USD Bond Fund
Minimum Unit Subscription Revisions
Concurrent with the rebranding, FCMBAM has revised the minimum unit subscription thresholds for three of its mutual funds, as approved by the SEC and reflected in the supplemental Trust Deeds. These changes aim to make investing more affordable and accessible to a wider range of investors.
- The minimum subscription for the local-currency bond-based FCMBAM Debt Fund has been reduced from 25,000 units to 1,000 units.
- The minimum subscription for the local-currency equity-based FCMBAM Equity Fund has been lowered from 10,000 units to 1,000 units, reducing the barrier to entry for retail investors.
- The revised threshold for the US Dollar bond-based FCMBAM USD Bond Fund has decreased from 1,000 units to 100 units, aligning with FCMBAM's commitment to expanding access to dollar-denominated investment opportunities for retail investors.
- The FCMBAM Money Market Fund remains unchanged at a minimum subscription of 1,000 units.
James Ilori, Chief Executive Officer of FCMB Asset Management Limited, stated: "This rebranding is more than a name change; it is a statement of intent. It signals to the investment community that FCMBAM prioritizes the democratization of access to professional investment management services, in line with our purpose of fostering inclusive and sustainable growth in the communities we serve. We thank our unitholders for their confidence throughout this process and remain committed to delivering even stronger outcomes for our clients under our refreshed identity."
All existing investment positions, account records, and fund documentation will be updated to reflect the new names. Unitholders are not required to take any action. This change will have no impact on client investments, which will remain fully secure and unaffected. Further enquiries may be directed to FCMB Asset Management Limited via email.
About FCMB Asset Management Limited
FCMB Asset Management Limited (FCMBAM) was established in 1997 to provide portfolio management and investment advisory services to individual and institutional clients. The company is a wholly-owned subsidiary of CSL Stockbrokers Limited, a member of FCMB Group Plc, one of Nigeria's leading financial services holding companies. FCMBAM is licensed by the Securities and Exchange Commission (SEC), Nigeria, and is rated A(IM) by Agusto & Co and A2(NG) Short-term Issuer & A-(NG) Long-term Issuer by GCR. FCMBAM currently manages five Collective Investment Schemes, including Nigeria's first local-currency Private Debt Fund, FCMB-TLG Private Debt Fund, and offers Discretionary and Non-discretionary Portfolio Management services.
