BY PETER EGWUATU
AS part of efforts to deepen the Collective Investment Scheme, CIS, the Securities and Exchange Commission, SEC, and Fund Managers Association of Nigeria, FMAN, at the third quarterly meeting held weekend in Lagos agreed to produce an all encompassing strategic plan.
The strategy document will project expected growth in assets under management over the next few years. The document will incorporate innovations into the market such as introduction of incentives to encourage retail investors back into the market through collective investment schemes, introduction of distribution and sales points ,classification of schemes to cater for the investment appetite of the various classes of investors , review of minimum subscription levels for retail investors, reviewing the offering process for schemes, among other strategies to be considered.
The expectation is that the fund managers will have ownership of the document and two major drivers will be to increase total asset under management and total number of subscribers within an agreed time frame. FMAN and SEC also agreed on the importance of improving professionalism in the sector and consequently the need to structure a curriculum geared to improving and updating the capacity of fund managers and the sales marketing staff, which would culminate in certification.
In addition it was also agreed that continuous education would be a criteria to remain in the industry. A committee comprising members of the association, the commission and the Nigerian capital market were prescribed.
The Director, collective investment schemes (CIS), of the Commission, Mrs. Liouse Eni-Umukoro who represented the Ag Director General, Ibrahim Bello, at the Meeting therefore directed that the all encompassing strategic document for the sector must be ready within six weeks .
She also re-emphasized the need for prompt introduction of certification into industry. “On this, we have agreed that managers and marketers be trained while there would also be continuous training for Corroborating her Olumide Oyetan, a fund manager from StanbicIBTC said there ought to be adequate capacity building in the industry. “There should be minimum entry requirement, training for managers and marketers and continuous mandatory training .