SEC directs all fund managers to register with FMAN

The Securities and Exchange Commission (SEC) Nigeria has directed all fund managers in the country to register with the Fund Managers’ Association of Nigeria (FMAN), the umbrella trade association established for all registered fund/portfolio managers in Nigeria.

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SEC said that henceforth it will use membership of FMAN as a requirement to appraise operators in this segment of the Nigerian capital market. The apex capital market regulator’s decision is pursuant to the powers conferred on it by Section 13 of the Investments and Securities Act (ISA) 2007 and consistent with Rule 25(1) of its Rules and Regulations.

The Commission is partnering with FMAN to develop the funds/ portfolio management industry in Nigeria through enlightenment and training, complaints resolution, amongst others with a view to ensuring sustained growth of the Nigerian investment management industry.