The total asset value of mutual funds in Nigeria has hit the N1.28 trillion mark, according to the latest data from the Securities and Exchange Commission (SEC).
A mutual fund is a type of financial vehicle made up of a pool of money collected from many investors to invest in securities like stocks, bonds, money market instruments, and other assets.
Breakdown of the SEC data showed that assets money market funds hold the highest fund at N490.1 billion, with the top fund manager in that category being Stanbic IBTC Asset Management Limited (N210 billion), followed by FBN Capital Asset Management (N133 billion) and Asset and Resources Management company limited (N54.5 billion).
This is followed by fixed income funds which totaled N444.4 billion in the period. Top fund managers for this category of assets include Stanbic IBTC Asset management (N154.7 billion) and United Capital Asset management (N119.8 billion).
Bond funds rank next, with N231 billion in assets under management. Stanbic IBTC, United Capital, and FBN Capital are the leading fund managers in this category.
Real estate funds (N50.86 billion), mixed funds (N28.9 billion), equity-based funds (N15.13 billion), ethical funds (N12.32 billion), and exchange-traded funds (ETFs) (N12.05 billion) completed the list.