Stanbic IBTC money market fund hits N50bn

Stanbic IBTC Money Market Fund which became the first low-risk open-ended mutual fund in West Africa has crossed the N50 billion mark in net asset value. 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 […]

Stanbic IBTC Money Market Fund which became the first low-risk open-ended mutual fund in West Africa has crossed the N50 billion mark in net asset value.
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 (SEC) the industry regulator, showed that Stanbic IBTC Money Market Fund has N50.19 billion which is 22 per cent of the N230 billion Nigerian Collective Investment Scheme/Mutual Fund market in assets under management in the week to Friday, 16 October 2015, with an effective yield of 12.45per cent.
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.