By Peter Egwuatu

Agusto & Co., Nigeria’s leading credit rating agency, has upgraded Coronation Asset Management Limited’s rating to A from A-, citing significant improvements in risk management practices. The rating, which expires on 31 December 2026, reflects the firm’s enhanced operational infrastructure and strategic positioning as a top-tier institutional-grade asset manager.

The upgrade follows a comprehensive assessment of research capabilities, investment management processes, risk oversight frameworks, corporate governance structure, technology deployment, and financial performance metrics, including growth in assets under management.

According to Agusto & Co.’s rating release published on their website, “The rating upgrade reflects improvement in risk management practices, with the introduction of liquidity and credit risk monitoring limits. The rating also reflects the Manager’s experienced decision-making committees and a well-defined investment process.”

The announcement comes as Coronation Asset Management records remarkable growth, with Assets Under Management expanding by 128% between December 2024 and November 2025. The firm’s Collective Investment Scheme Assets Under Management surged from ₦19.67 billion to ₦73.77 billion, whilst its Money Market Fund grew from ₦9.26 billion to ₦62.1 billion during the same period.

Central to the rating upgrade is Coronation’s deployment of cutting-edge technology and enhanced risk management infrastructure. The firm has implemented an enterprise-wide Governance, Risk and Compliance (GRC) tool, alongside independent pre and post-trade risk monitoring capabilities that enable real-time concentration and limit breach detection.

The firm has also strengthened its corporate governance framework through comprehensive board restructuring that resulted in five independent non-executive directors now chairing all board sub-committees. This restructuring ensures genuine board independence and more robust oversight of management decisions and risk-taking.

The rating upgrade consolidates Coronation Asset Management’s standing as an institutional-grade asset manager in Nigeria, reflecting its ability to scale assets responsibly while maintaining robust governance, risk discipline, and operational controls. It positions the firm favourably with institutional investors, regulators, trustees, and distribution partners seeking managers with the capacity to deliver consistent performance within a strong risk and compliance framework.