The Dollar Fixed Income Fund of NOVAmbl Asset Management has emerged as the best-performing dollar fund in 2023.
In a statement from the firm on Thursday, the award was given by Nairametrics, based on data from the Securities & Exchange Commission.
It was revealed that NOVAmbl Asset Management, which is a subsidiary of NOVA Merchant Bank, beat 20 other dollar funds to the number one position.
The regulator reported that a total of 21 dollar funds registered during the period under review, averaged an impressive 8.5 per cent in returns and all funds within this category, achieved positive returns in 2023.
The parent company said, its “Dedication to excellence and its unwavering commitment to delivering consistent returns have positioned NOVAmbl Asset Management at the forefront of the Asset management landscape in Nigeria.
“The recognition goes ahead to affirm the Bank’s expertise in navigating the complexities of the market and its ability to optimise investments for maximum returns.”
Recently, NOVA Merchant Bank Limited announced its conversion to full commercial banking after getting a national commercial banking license from the relevant regulatory authorities.
The bank also appointed Adebowale Oyedeji as its new Managing Director/CEO to steer its operations and deliver on its new mandate.
In another development, NOVA Merchant Bank announced an increase in staff salaries by 50 per cent for all staff effective November 1, 2023.
Oyedeji while commenting on the salary increase said, “Following a comprehensive assessment of the current economic conditions and their impact on our esteemed staff, we have opted to realign our salary structure to reflect the economic realities.
“We recognise the implications of recent economic policy actions on costs and this adjustment is aimed at easing the financial burden borne by our staff and their families.”
NOVA Merchant Bank Limited is an investment-grade rated Merchant Bank in Nigeria.
