Morgan Capital at War With Atlass Portfolios Over ‘Clients Theft’

February 9, 2021
Morgan Capital

By Dipo Olowookere

The team at Atlass Portfolios Limited has incurred the wrath of Morgan Capital Limited and the latter is not happy and has promised to take the matter up.

On Monday, Business Post reported that Atlass Portfolios was wooing clients with competitive brokerage rates, 0.4 per cent for a buy order, slightly lower than what Morgan Capital offers, 0.5 per cent and broadly lower than the approved 1.35 per cent rate for the industry.

Barely 24 hours after our report, Morgan Capital sent a notice to its customers, insinuating that Atlass Portfolios was trying to lure investors away from them to the stockbroking firm, which is a member of the Cititrust Group.

In the statement sighted by Business Post on Tuesday afternoon, Morgan Capital informed its clients that it does not have any business relationship with Atlass Portfolios.

Morgan Capital said the mail sent to investors on Monday by Atlass Portfolios was to its customers, describing this as unprofessional as it was against the ethics of the capital market, promising to take the matter up in order to prevent such from happening again in the future.

“It has been brought to our notice of an email blast from Atlass Portfolio (sic) Limited, a member of Cititrust Group introducing their organization and services to all Morgan Capital Securities Limited clients for business relationship and patronage.

“While we see this act as very unprofessional and against the ethics of the capital market profession, we will like to reiterate to you our valued client that Morgan Capital Securities Limited has no affiliation with Atlass Portfolio (sic) Limited nor (sic) has the company changed its name.

“Our clients are dear to us and we will continue to provide the best services and support necessary for clients’ satisfaction while our trading commission remain competitive as ever.

“We are currently taking the matter up with the executive management team of Cititrust Group to put a stop into this unscrupulous act and ensure a non-recurrence of such,” the notice from Morgan Capital read.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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