Legacy USD Bond Fund, a mutual fund managed by the Nigeria-based investment firm First City Asset Management Limited (FCAM), gets listed on the Nigerian Stock Exchange (NSE). It recorded a 244.4% subscription rate for initial public offering and had mobilized $6 million.

James Ilori, FCAM’s CEO indicated that this listing of Legacy USD Bond Fund now allows investment in the asset management company's capital. “We believe that the listing is another step towards making our mutual funds easily available to the investing public. We will continue to work with the NSE in creating opportunities for investors to efficiently access safe and value-adding investment products and services,” Ilori said.

 Let’s recall that Legacy USD Bond Fund, is registered with the Securities and Exchange Commission (SEC), the country’s financial market regulator. The fund is a product of the investment and asset management division of First City Monument Bank, a banking group ranked in the top 8 of Nigeria’s largest banks.

Chamberline Moko