Legacy Equity earns N115.20m gross income, holds AGM

Notwithstanding the tight monetary policies put in place by the Central Bank of Nigeria (CBN), especially the increases in the Cash Reserve Requirement Ratios on both public and private sector deposits which created some level of uncertainty in the markets, Legacy Equity Fund was able to record a gross income of N115.20 million.

The Fund, managed by First City Asset Management Limited, a subsidiary of CSL Stockbrokers Limited, also recorded a net profit of N92.81million as at 30th June 2014.

An analysis of the performance of the Fund reveals that for the period spanning July 2013 to June 2014, the Fund made a return of 9.77 percent on its investment, with a calendar year-end offer price of N1.46.

James Ilori, the CEO of First City Asset Management, noted in a statement made available to BusinessDay that this performance was above the June 2014 one-year average inflation rate of 8 percent, saying, ‘’we expect the performance of the Fund to remain relatively strong’’.

Ilori pointed that confidence in the Nigerian economy remained relatively high, with the naira exchange rate remaining relatively stable and the inflation rate averaging 8 percent in the Fund year, compared with 10.4 percent in the previous Fund year.

Legacy Equity is specifically designed for individuals who want a broad exposure to the Nigerian Stock Exchange and allows client to invest in a well-diversified portfolio of shares on the stock exchange with as little as 10 thousand units at the prevailing offer price.

As its manager, First City Asset Management ensures that the public subscribes to the Fund and thereafter invests such money in quoted companies and other financial instruments in accordance with the Trust Deed.

The Fund has investment in most of the twelve sectors of the Nigerian economy, including Agriculture, Construction and Real Estate, Consumer Goods, Financial Services and Industrial Goods.

Meanwhile, unit holders of the Fund will be converging at Protea Hotel, GRA, Ikeja in Lagos next week for its 4th Annual General Meeting (AGM) to consider the report and financial statements of the Fund for the year ended June 30, 2014.