Unit holders applaud as Legacy Equity’s gross income rises 447% to N408m

Unit holders on Thursday commended the managers of Legacy Equity Fund for their remarkable performance in growing the fund’s gross income by 447.69 percent to N408.43 million, up from N91.23 million a year ago, saying that the performance showed the high earning capability and confidence reposed in the fund by the investing public.

The unit holders who gave the commendation at the fund’s 3rd annual general meeting (AGM) in Lagos further applauded the fund managers for the N0.08 dividend per unit to be paid to all unit holders whose names appeared in the register of members at the close of business on November 28, 2013, with effective date of payment already slated for December 19, 2013.

The fund which is being managed by First City Asset Management Limited (a subsidiary of CSL Stockbrokers Limited—a member of FCMB Group) had an impressive performance within its financial year ended June 30, 2013.

A report of its financial statements presented to the unit holders at the AGM showed that the fund also recorded a net profit of N384.75 million as at June 30, 2013, representing a major increase when compared to the net profit of N105.78 million recorded in the preceding year.

The fund managers attributed this growth to global investors’ increased risk appetite which encouraged growth of markets in emerging and frontier markets even as the global economy continued to pull itself out of the 2007/2008 financial crisis. They noted that despite insecurity and violence that occurred throughout 2012 up to June 30 this year in the northern part of the country, the Nigerian Stock Exchange (NSE) All Share Index gained 67.4 percent to close at 36,164.31 for the period ended June 30, 2013.

“An analysis of the performance of the fund reveals that between July 2012 and June 2013, the return on the fund’s investment was 68.35 percent as against 28.83 percent in the period spanning January 2013 to November 2013”, the managers said.

Olugboyega Balogun, the managing director, CSL Stockbrokers Limited, enthused that “the performance of the Legacy Equity Fund further consolidates our position as the pre-eminent investment solutions provider in Nigeria”.

Balogun hopes that “2014 stands to be an exciting year for First City Asset Management Limited and the Legacy family of funds as, by God’s grace, we build on our success in 2013 and introduce new innovative products into the market that will offer the full spectrum of investment solutions to Nigerian investors.”