The Nigerian Stock Exchange (NSE) has disclosed that as at February 19, 2021, the number of registered mutual funds with the Securities and Exchange Commission (SEC) has grown from 76 in 2019 with Net Asset Value (NAV) in excess of N600 billion to 102 mutual funds with NAV of over N1.43 trillion.
The Divisional Head, Listings Business, NSE, Mr. Olumide Bolumole, who stated this at the NSE’s digital closing gong ceremony to commemorate the election of Mrs. Tope Omojokun as the President, Fund Managers Association of Nigeria (FMAN), said 56 of which are listed on the NSE with NAV of over N1.24 trillion representing 88.3 per cent of total NAV.
“There continues to be growing interest in the mutual funds asset class evidenced by the increasing number of registered mutual funds with the Securities and Exchange Commission (SEC) since 2019 “I must also commend FMAN for its continuous collaboration in ensuring increased efficiency and investor participation in the Nigerian mutual funds market.
“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 our stakeholders. “I extend my gratitude to the NSE for this honour.
FMAN was established to promote the operations of fund managers registered with the SEC and its objectives include self-regulation and supervision of its members; the enforcement of global best practices in its members’ operations, and most importantly, the education of the public on investments. “Working with the NSE has brought about the trading of listed funds on The Exchange and are working towards the display of mutual funds prices on the ticker tape of the NSE. Furthermore, 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.”