FBNQuest Asset Management Receives Award for Money Market Fund Of The Year

FBNQuest Asset Management, a subsidiary of FBNQuest Merchant Bank and part of FBNHoldings Plc., which is one of the leading financial services groups in Nigeria,  emerged winner of the Money Market Fund of the Year category at the recently concluded BusinessDay Banks & Other Financial Institution Awards (BAFI), which held in Lagos. The BAFI award ceremony, seeks to identify the contribution of financial institutions to the industry, across a number of areas including financial performance, sustainability and corporate governance.

FBNQuest Asset Management is the manager of the FBN Money Market Fund and serves the needs of various customer segments through a broad range of solutions comprising, capital preservation, capital growth and other bespoke strategies. This award, was in recognition of the strong performance track record of the FBN Money Market Fund.

Since 2017, the FBN Money Market Fund has outperformed its benchmark, inflation as well as other funds within its category, by achieving a cumulative return of 53% from 1st January 2017 to 30th September 2019). The benchmark, the 91 day Treasury bill rate and inflation rate were 48% and 44%, respectively, during the same period.

“In the past three years and based on our strong fundamental and quantitative research capabilities, our portfolio  management team’s performance has remained consistent and our clients have benefited immensely from exposure to our solutions, including  the FBN Money Market Fund” said  Ike Onyia, Managing Director of FBNQuest Asset Management. “It was gratifying to see our firm recognized for providing investors with value-adding solutions and for contributing to the industry. Our firm’s pursuit for best practice was demonstrated earlier in the year through compliance with Global Investment Performance Standards (GIPS), which means that our performance reporting framework is now comparable to the practice in mature markets and that investors are better served through standardized and transparent performance reporting principles.

We continue to provide strategic investment advice to discerning individuals and institutions who will be well served through an allocation of their portfolio to the FBN Money Market Fund, which offers strong competitive yields” He added.

The FBN Money Market Fund is a low risk, open-ended mutual fund, which invests in a diversified portfolio of short-term, high quality money market securities such as Treasury Bills, Commercial Papers, Bankers Acceptances and Certificate of Deposits issued by rated banks in Nigeria. It provides investors with short to medium term financial goals, minimum starting investments, competitive returns, low risks and high level of security.

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