The Fund Managers Association of Nigeria (FMAN) is currently developing a customised platform for mutual funds distribution. This platform will operate as an open architecture platform that will enable FMAN members to distribute their mutual funds in more cost efficient means.
Michael Oyebola, president, Fund Managers Association of Nigeria disclosed this at the association’s meeting which held last week in Lagos. Over 35 members of the association were in attendance at the meeting which held at Securities and Exchange Commission (SEC) building in Lagos.
Oyebola noted that about N695 billion is under management, comprising about N200 billion housed under the Collective Investment Scheme (CIS) and N495 billion being funds under management.
Also, FMAN has commenced strategic moves to position itself to perform fund management role in the pension industry which under the effective and efficient regulation by PENCOM has assets grown to about N4.9 trillion.
“With the approval of the acceptance of voters card as a Know-Your-Customer (KYC) document, effort are in top gear to put together a mobile money platform that will address the various need of member firms”, he added. FMAN enjoins its member firms to commence the practice of asset segregation – that is to separate its asset from clients’ asset before SEC begins to enforce compliance. Oyebola also reminded firms within FMAN who have not met the recapitalisation target set by SEC to do so, noting that there is not likely to be an extension of the deadline earlier given by the apex regulator.
Recall that Mounir Gwarzo, director general, Security and Exchange Commission (SEC) said his tenure will principally be focused on implementation of the capital market master plan, which among others is aimed at making people understand who is who in the capital market as well as ensure that a formidable platform is put in place to bear the future of the capital market appendages while SEC works to ensure that global best standards are brought to bear in the capital market.
Efiok Effiong and Mary Uduk, director, investment management department, SEC represented the director general of SEC.
In their presentation, they essentially highlighted the new rules currently undergoing perfection by SEC designed to enhance the foundation operational standard and perception of the public of the capital market.
Also, Sade Odunaiya, president Chartered Financial Analyst (CFA) Society of Nigeria in her paper titled Global Investment Performance Standards (GIPS) noted that CFA Society of Nigeria proposes a four year period for full adoption of GIPS by players in the capital market.
Currently the CFA Society of Nigeria, PENOP and FMAN are the members of the GIPS sponsoring body in Nigeria known as Nigeria Investment Promotion Commission (NIPC).
Iheanyi Nwachukwu
