Business Nigerian Mutual Fund Industry Expands by 23.6%



The Nigerian mutual fund industry has expanded 23.6 percent to N186.5bn, going by the latest official asset size values released by the SEC for August 2014.

Extract from BusinessDay:

The expansion has come on the back of some good performances by specific funds, as well as by new entrants into the Nigerian mutual fund scene.

Money market funds, which primarily invest in short term liquid assets like Nigerian treasury bills and commercial papers, have seen their assets grow by 122.9 percent to N59.12bn, from N29.5bn at the beginning of the year. NTB yields have averaged 11.29 percent across 90-days, 180-days and 360-days tenors from January up until August.

The major money market fund players are Stanbic #IBTC Money market fund, #FBN Money market fund, UBA Money market fund, and ARM Money market fund.

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