Agusto upgrades FCMB Asset Management's Legacy Money Market Fund rating to A(f)

Legacy Money Market Fund, a mutual fund managed by FCMB Asset Management Limited (FCMBAM), has received a rating upgrade. The Fund’s rating has been upgraded from A-(f) to A(f) by Agusto & Co, a foremost pan-African rating agency. FCMBAM is the asset management arm of FCMB Group Plc, one of Nigeria’s leading financial institutions.

According to Agusto & Co., “the higher rating of A(f) reflects Legacy Money Market Fund’s conservative credit and liquidity profile. Since the launch of the Fund in February 2019, it has maintained good credit quality of underlying investments, with assets held in securities with well rated entities”.

The Legacy Money Market Fund is a low risk, open-ended, Nigerian Naira-denominated mutual fund that invests in Money Market Instruments. It is registered with the Securities and Exchange Commission. Itsprimary objective is to preserve capital, and its secondary objective is to generate stable income for investors. The Fund’s performance benchmark is the average yield on the 90-day Nigerian Treasury bill. The Fund is targeted at individual and institutional investors. The minimum initial subscription in the Fund is N1,000, while the minimum holding period is 1 month.

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Investors in the Legacy Money Market Fund or any of FCMBAM’s other mutual funds can access their investment accounts 24/7/365, through FCMBAM’s Customer Portal. Login details are sent to the investor’s registered email address, once the investor has registered at https://fcam.fcmb.com.

Speaking on the upgrade of the Fund’s credit rating from A-(f) to A(f) by Agusto & Co, the Chief Executive Officer of FCMBAM, James Ilori, said, “given the low-risk nature of the Legacy Money Market Fund, capital preservation is given utmost attention, in our investment decisions. Also, the relatively high level of liquidity of investments ensures that investors receive regular income throughout the year. We expect to maintain and improve on our achievements by continuing to apply our deep understanding of portfolio risk management for the benefit of investors”.

FCMB Asset Management Limited also manages three other mutual funds – Legacy Debt Fund, Legacy Equity Fund and Legacy USD Bond Fund. In addition to the four collective investment schemes, FCMB Asset Management offers clients discretionary and non-discretionary portfolio services, as well as execution-only mandates.

FCMB Asset Management Limited has consistently focused on delivering international standard investment management services, aimed at meeting investors’ investment goals, in terms of capital preservation, income-generation, and capital appreciation.

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Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.