FCMB Asset Management Limited (FCMBAM), the asset management subsidiary of FCMB Group Plc, has announced that it has received approval from the Securities and Exchange Commission (SEC) to execute supplemental Trust Deeds for its mutual funds.
The approval covers the renaming of FCMBAM’s Legacy mutual funds and a reduction in the minimum subscription units for selected funds. This follows the successful conclusion of unitholders’ meetings, where investors in the affected mutual funds voted in favour of the proposed changes.
According to the company, the move represents a strategic step in its ongoing brand consolidation efforts, aligning its investment products with the FCMBAM identity, which it says reflects disciplined, transparent, and globally benchmarked asset management services in Nigeria.
Fund Name Changes
Effective from the date of SEC approval, the following changes have taken legal effect:
- Legacy Money Market Fund → FCMBAM Money Market Fund
- Legacy Debt Fund → FCMBAM Debt Fund
- Legacy Equity Fund → FCMBAM Equity Fund
- Legacy USD Bond Fund → FCMBAM USD Bond Fund
Revised Minimum Subscription Units
Alongside the rebranding, FCMBAM has also revised the minimum subscription thresholds for three of its mutual funds to make investing more accessible to a broader range of investors.
The minimum subscription for the local currency bond-based FCMBAM Debt Fund has been reduced from 25,000 units to 1,000 units, while the FCMBAM Equity Fund has been lowered from 10,000 units to 1,000 units, significantly reducing entry barriers for retail investors.
Similarly, the minimum subscription for the dollar-denominated FCMBAM USD Bond Fund has been reduced from 1,000 units to 100 units, in line with the company’s commitment to expanding retail access to dollar-based investment opportunities.
The FCMBAM Money Market Fund retains its minimum subscription requirement of 1,000 units.
Commenting on the development, the Chief Executive Officer of FCMB Asset Management Limited, James Ilori, said the rebranding goes beyond a mere name change and reflects the company’s commitment to democratising access to professional investment management services.
He also thanked unitholders for their continued confidence in the company and assured clients that all existing investment positions, account records, and fund documentation would be updated automatically to reflect the new identities, with no impact on the security or value of their investments.
Established in 1997, FCMB Asset Management Limited provides portfolio management and investment advisory services to both individual and institutional clients. The company is a wholly owned subsidiary of CSL Stockbrokers Limited, a member of FCMB Group Plc.