14-02-2016 by 
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The FBN Capital Asset Management has consolidated its position as the largest fund manager in Nigeria as its asset under management hits slightly over N100 billion.   Going by the latest NAV Summary data released by the SEC and analyzed by Quantitative Financial Analytics Co Ltd, the total mutual fund asset in Nigeria now stands at N287 billion as at February 5th 2016. Of that amount, FBN Capital Asset Management oversees N100.27 billion (34.9%) while Stanbic IBTC Asset Mgt. Limited controls N87.9 billion (30.6%).  While there may not be need for the “too big to fail” fear, it is however instructive to note that the two fund managers, FBN Capital Asset Mgt. Limited and Stanbic IBTC Asset Mgt. Limited manage 65.5% of Nigeria’s mutual fund assets. In addition, they both manage 17 mutual funds, with Stanbic IBTC Asset Mgt. Limited managing 11 mutual funds while FBN Capital Asset Mgt. Limited manages 6.

The FBN Capital Asset Mgt. Limited has been the leading fund manager by AUM since November 2015 but it has consolidated its leadership position with the restructuring of Anchor and Bedrock funds. Anchor and Bedrock funds were managed by Cashcraft Asset Mgt. Ltd but those have been restricted by FBN Capital Asset management into what is today Nigeria’s first Euro Bond Funds. Another factor that led to the increase in the AUM of FBN Capital Asset Management is the huge inflow that its flag ship fund, FBN Money Market Fund, attracted in 2015.  The FBN Money Market Fund now boasts of a total asset of N91 billion, representing 32% of total mutual fund assets in Nigeria.

AUM By Fund Manager  
Fund Managers % AUM AUM
FBN Capital Asset Mgt Limited 34.9 100,278,292,200.87
Stanbic IBTC Asset Mgt. Limited 30.6 87,934,884,018.48
FSDH Asset Management 12 34,639,543,053.87
Asset & Resources Mgt. Co. Ltd 7.2 20,706,030,443.00
Union Homes Saving & Loans Plc 4.2 12,116,614,512.64
Investment One Fin. Serv.Ltd 2 5,850,569,909.55
Zenith Asset Management Ltd 1.2 3,552,286,735.66
SIM Capital Alliance Limited 1.2 3,463,204,301.77
SFS Capital Nigeria Ltd 1.2 3,397,148,422.96
UBA Asset Mgt Ltd 1.1 3,119,617,736.63
Lotus Capital Limited 0.8 2,279,007,140.61
Vetiva Fund Managers 0.7 1,948,532,536.22
Afrinvest Asset Mgt 0.5 1,432,425,304.53
Sterling Capital Market Limited 0.4 1,135,615,056.67
Alternative Cap. Partners 0.4 1,094,231,851.26
First City Asset Management 0.4 1,082,154,003.18
CDL Asset Management Ltd 0.3 811,118,359.81
AIICO Capital Ltd 0.2 713,693,059.54
Meristem Wealth Management Limited 0.2 514,410,466.69
Chapel Hill Denham Mgt. Limited 0.1 369,750,795.99
New Gold Managers (Proprietary) Ltd 0.1 326,850,000.58
Pacam Asset Managemet 0.1 211,681,417.92
     
Asset Under Management (AUM):   286,977,661,328.43

 Sectorial Analysis :  A sectorial analysis of the Data shows that Nigerian investors are still risk averse as much of the assets are housed in the money market sector. With N173 billion, the money market sector makes up 60.2% of the AUM, while Real Estate Sector comes second with N45.2 billion or 15.8%. While mutual fund investors are risk averse, they seem to favour the short end of the yield curve as only 6.3% or N18 billion is invested in bond funds. Expectedly, Equity Based Funds have just 8.8% of total mutual fund assets, that is just slightly above N25 billion.

AUM By Sector  
Sector % AUM AUM
EQUITY BASED FUNDS 8.8 25,145,540,747.00
BOND FUNDS 6.3 18,037,562,895.11
MONEY MARKET FUNDS 60.2 173,008,043,547.93
REAL ESTATE FUNDS 15.8 45,281,237,965.18
BALANCED BASED FUNDS 3.3 9,420,385,735.94
ETHICAL BASED FUNDS 1.5 4,360,941,492.81
UMBRELLA FUNDS 2.5 7,158,521,624.11
SECTOR FUNDS 0.3 944,393,328.39
EXCHANGE TRADED FUNDS 1.3 3,621,033,991.96
     
Total AUM   286,977,661,328.43

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