FBN money market fund reaches N54bn

Over three years after launching N1.5 billion FBN Money Market Fund, it has grown to over N54 billion in Assets Under Management (AUM).
The Fund, managed by FBN Capital Asset Management, (operating under the brand name FBNQuest) is a SEC-registered open ended mutual fund that invests in a broad range of money market securities such as treasury bills, commercial papers, fixed deposits and aims to offer a high level of security coupled with a competitive yield.
Based on the figure reported as at the 29th October, 2015, the fund is currently yielding 12.39 per cent, which are much higher returns than customers would receive in a regular savings account. The fund is also rated Aa(f) by Agusto and Co. because it has minimal to low risk of investment loss due to low net asset value volatility.
Commenting on the milestone achieved, Managing Director and Chief Investment Officer of FBN Capital Asset Management, Michael Oyebola said, “There is a growing recognition among large and small investors and savers nationwide that there is a credible and worthwhile alternative to saving their hard-earned money and earning returns that some thought were exclusive to the more affluent.
He further stated, ‘Everyday, more and more investors and savers, both local and international, across retail, affluent, HNI and Institutional Investors, move their savings and investible funds to the FBN Money Market Fund, as we have delivered consistent returns since inception”.