SEC directs capital market fund/portfolio managers to register with FMAN

The Securities and Exchange Commission (SEC) has directed all fund managers operating in the nation's bourse to register with the Fund Managers Association of Nigeria (FMAN).

This is contained in a statement posted on the commission's website.

It said that the commission was working with FMAN to develop the funds/portfolio management industry in Nigeria through enlightenment and training and complaints resolution amongst others.

The statement said that the partnership was to ensure a sustained growth of the Nigerian investment management industry.

"Henceforth, the commission will use membership of FMAN as a requirement to appraise operators in this segment of the Nigerian capital market," it said.

The statement said that the directive was pursuant to the powers conferred on SEC by Section 13 of the Investments and Securities Act (ISA) 2007 and consistent with Rule 25(1) of its Rules and Regulations.

NAN reports that FMAN is the umbrella trade association established for all registered fund/portfolio Managers in Nigeria.

NAN also reports that Mr Mounir Gwarzo, SEC acting, Director-General, said that recently that all the operators operating in the market must register with their trade group for easy management of complaints and to check infractions.