Coronation Asset Management Limited, yesterday announced a 50 per cent rapid growth of the Mutual Fund industry in Nigeria; bringing its total assets to N1.57 trillion in 2020.
Speaking on the report, the Research Team Head, Guy Czartoryski, said the report aimed at addressing the challenges in the mutual fund sector of the economy and fast track its development.
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Czartoryski said that the nation’s mutual fund is developing fast with total assets increasing by N1.57 trillion, 50 per cent last year, noting that it could have done better with the right knowledge of the industry.
Despite the increase, the sector has access to only 14 per cent of the huge pension fund available in the country, saying it needs to do more to become a force in the country’s financial sector.
The report, which examines what happens when an investor seeks comparative information on mutual funds, taking into consideration the unstable value of the naira, revealed that most investors lack the technique of how to compare and analyse the different funds existing in both the local and international markets.
According to Czartoryski, Nigeria’s diverse measures stand in the way of the development of the industry, adding that although it is growing rapidly, his team believes the nation’s mutual fund requires several more years of growth to reach N12.3 trillion.
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