Fund Managers Association of Nigeria Holds Annual General Meeting

The Fund Managers Association of Nigeria (FMAN) will hold its annual general meeting (AGM) on Wednesday, August 23, 2017. According to the AGM notice to members of the association, the meeting will take place at Best Western Hotel, Ahmadu Bello Way, Victoria Island at 10.00 a.m.

At the meeting, members will receive the audited accounts of the association and the report of the Executive Committee for the year ended December 31, 2016; they will approve proposed amendments to the FMAN Constitution; and review the Chartered Institute of Securities and Investment Bill and its likely impact on fund managers and any other business.

FMAN is an independent, non-governmental, non-political and non-profit making established in August, 2009 to promote the operations of fund managers registered with the Securities and Exchange Commission in Nigeria (SEC), provide for self-regulation and supervision of SEC registered fund managers and ensure the observance of global best practices relating to the operations of such fund managers.

According to the FMAN, it addresses all the issues affecting the industry’s development and represent its members at national and international levels in ongoing discussion about the future regulatory framework for the industry.

“The association’s focus is on education, regulation, policy development and international best practices for the benefit of its members, institutional investors, policy makers and other stake holders,” the association said.

The President of FMAN, Dr. Ore Sokefun had, in an interview with THISDAY, advised collective schemes investors to always invest their money through fund managers that are registered by the SEC.

While investing through collective investment schemes in the nation’s capital market has many advantages, some investors are still discouraged due to their past experiences of losing their funds to fund managers.

But Sokefun said the situation has changed significantly given the efforts by SEC and operators to reposition and develop the industry.

“In recent past we do admit that some fund managers were not abiding by the ethics of the profession. But now FMAN, being a self-regulatory organisation and SEC making sure that everybody is filing their returns and looking at things more correctly, we believe that now you can definitely entrust your money to SEC-registered fund managers. The mistake a lot of investor make is that they do not ensure that who they give their money to is registered by SEC. The list of all registered fund managers is available by looking at SEC website and very soon the list of registered fund managers will also be available on FMAN website, which is www.fman.com.ng,” she said.