FCMB Asset Management Limited (FCMBAM), the Asset Management arm of FCMB Group Plc, has received approval from the Securities and Exchange Commission (SEC) for the execution of the supplemental Trust Deeds of the FCMBAM’s mutual funds.
In a statement, the approval includes the change of name of its Legacy mutual funds and reduction in the minimum subscription units of the Funds and follows the successful conclusion of unitholders’ meetings at which investors in each of the affected mutual funds voted in favour of the proposed changes.
It stressed that the changes marked a deliberate step in FCMBAM’s ongoing brand consolidation, aligning the company’s public-facing products with the FCMBAM identity that has become synonymous with disciplined, transparent, and internationally benchmarked asset management services in Nigeria.
It highlighted the name changed in full legal force with effect from the date of SEC approval which include former Name; Legacy Money Market Fund, Legacy Debt Fund, Legacy Equity Fund and Legacy USD Bond Fund and have been changed to FCMBAM Money Market Fund, FCMBAM Debt Fund, FCMBAM Equity Fund and FCMBAM USD Bond Fund.
It stressed that concurrent with the rebranding, FCMB Asset Management Limited (FCMBAM) has revised the minimum unit subscription thresholds for three of its mutual funds, as approved by the SEC and reflected in the supplemental Trust Deeds.
‘These changes are intended to make investing more affordable and accessible to a wider range of investors. The minimum subscription for the local-currency bond-based FCMBAM Debt Fund has been reduced from 25,000 units to 1,000 units, while the minimum subscription for the local-currency equity-based FCMBAM Equity Fund has been lowered from 10,000 units to 1,000 units, helping to reduce the barrier to entry for more retail investors.
‘The revised threshold for the US Dollar bond-based FCMBAM USD Bond Fund has decreased from 1,000 units to 100 units and aligns with FCMBAM’s broader commitment to expanding access to dollar-denominated investment opportunities for retail investors. The FCMBAM Money Market Fund remains unchanged at a minimum subscription of 1,000 units,’ the statement reads.