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Money market funds are a preferred choice among investors seeking stability and liquidity in short-term investments.
These funds offer higher interest rates compared to regular savings accounts and provide easy access to funds.
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They primarily invest in short-term debt securities such as Treasury bills, commercial papers, government-issued bonds, fixed deposit accounts, and other bank placements.
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While their objective is to maintain a stable net asset value (NAV), investors should be aware that they are not entirely risk-free and may be subject to market fluctuations.
Here are 10 money market funds in Nigeria to consider in 2024, based on their fund sizes, available yield data, and ratings from reputable credit rating agencies. All the listed funds are registered with the Securities and Exchange Commission (SEC).
AIICO Money Market Fund
– Managed by AIICO Capital Limited, with UBA as the custodian.
– Rated A+(NG)f with a stable outlook by GCR Ratings.
– Fund size: N4.71 billion (as of December 22, 2023).
– Yield: 14.24%.
ARM Money Market Fund
– Managed by ARM Investment Managers, custodied by Citibank Nigeria Limited.
– Rated A+(f) by Agusto & Co.
– Fund size: N79.94 billion.
– Effective yield (as of January 7, 2024): 10.52%.
AXA Mansard Money Market Fund
– Managed by AXA Mansard Investments Limited, with RMB Nominees as the custodian.
– Rated A+(f) by Agusto & Co.
– Fund size: N43.71 billion.
– Net yield: 11.66% (as of January 8, 2024).
Chapel Hill Denham Money Market Fund
– Managed by Chapel Hill Denham Management Limited, custodied by UBA.
– Rated A(F) by Agusto & Co. and AA- by GCR Ratings.
– Fund size: N7.3 billion (as of December 22, 2023).
– Yield: 10.38%.
FBN Money Market Fund
– Managed by FBNQuest Asset Management, a subsidiary of FBN Holdings Plc.
– Rated Aa-(f) by Agusto & Co.
– Fund size: N195.78 billion (as of December 22, 2023).
– Effective yield: 12.15% (as of January 4, 2024).
Stanbic IBTC Money Market Fund
– Managed by Stanbic IBTC Asset Management Limited.
– Largest money market fund in Nigeria, with a fund size of about N375.7 billion.
– Yield: 13.25% (as of December 22, 2023).
United Capital Money Market Fund
– Managed by United Capital Asset Management Limited.
– Rated A(f) by Agusto & Co.
– Fund size: N44.26 billion (as of December 22, 2023).
– Yield: 11.70%.
Zenith Money Market Fund
– Managed by Quantum Zenith Asset Management and Investments Limited.
– Rated A-(f) by Agusto & Co.
– Fund size: N27.19 billion (as of December 22, 2023).
– Yield: 11.91%.
Meristem Money Market Fund
– Managed by Meristem Wealth Management Limited, custodied by Standard Chartered Bank.
– Rated A(f) by Agusto & Co.
– Fund size: N3.63 billion (as of December 22, 2023).
– Yield: 12.73%.
Norrenberger Money Market Fund
– Managed by Norrenberger Investment and Capital Management Limited, with UBA as the custodian.
– Rated Bbb+(f) by Agusto & Co.
– Fund size: N4.71 billion (as of December 22, 2023).
– Yield: 12.54%.
Important Note
Market conditions can influence future yields and overall performance. The information provided is a guide and may be subject to changes based on market dynamics. Each fund operates under SEC regulatory oversight, and their assets are secured by reputable banking institutions in Nigeria. Investors should stay informed about potential market fluctuations.
