By Adedapo Adesanya
Stanbic IBTC Asset Management, a subsidiary of Stanbic IBTC Holdings, has announced that it surpassed the N1 trillion asset under management (AuM) threshold despite recent headwinds in the country’s economy.
According to the company, the accomplishment serves as a testament to its dedication to innovation, nurturing client relationships, and fostering investment prosperity.
While expressing her delight at the achievement, Mrs Busola Jejelowo, Chief Executive of Stanbic IBTC Asset Management, attributed the achievement to the unwavering trust and support of its clientele, partners, and stakeholders.
“This milestone is a tribute to our clients who have entrusted us with their financial goals. Their belief in our capabilities has fueled our journey, and their success stories are the true measure of our achievement.
“For us, the real win is that we have achieved our mission – to empower our clients, to help them achieve their dreams, and to support them to create a legacy of financial prosperity – this is the true prize.”
“I want to extend my profound gratitude to our esteemed clients. From the bottom of our hearts, thank you for choosing us as your preferred financial partner. Your partnership has been the cornerstone of our journey, and our commitment to your investment, prosperity, and dreams has always been and will continue to be our driving force.”
The chief executive also reiterated the company’s commitment to excellent service delivery to its clients. She said, “As Stanbic IBTC Asset Management moves forward, it will continue to innovate, deploy cutting-edge investment strategies, and provide tailored investment solutions that evolve in tandem with our clients’ needs.”
The challenging operating environment in Nigeria has led to an erosion of real incomes and purchasing power, prompting a surge in investors’ inclination towards Dollar-denominated assets. The escalation of the year-over-year inflation rate from 15.6 per cent in January 2022 to 24.08 per cent in July 2023 is indicative of an unfavourable macroeconomic climate.
Despite this, the asset management industry continues to underachieve, constrained by a large informal sector (estimated at 65 per cent of GDP), a high poverty rate of 40 per cent, and limited investment opportunities offered by the Nigerian capital market.
Business Post reported that Agusto & Co. predicted a moderate increase in the size of the asset management industry, with an estimated average growth rate of 15.9 per cent over the next three years. This will result in total AuM reaching the N4 trillion mark by 2024.
Growth is expected to be driven by various factors, including increased investments from pension fund administrators and institutional clients. The unification of exchange rates is anticipated to result in the repatriation of funds formerly invested in international money markets and reignite foreign interest in Naira-denominated assets.
Modupe Gbadeyanka