GCR upgrades FCMB Asset Management to A(NG)/A1(NG), retains stable outlook

FCMB Asset Management Limited (FCMBAM), the asset management arm of FCMB Group Plc, has been upgraded to national scale long-term and short-term issuer ratings of A(NG) and A1(NG) from A-(NG) and A2(NG) by GCR Ratings (GCR), with the agency affirming a stable outlook.

The upgrade reflects the company’s sustained financial performance, strong market position and prudent risk management, alongside the strengthened credit profile of its parent company, FCMB Group Plc.

In its assessment, GCR said FCMBAM’s improved ratings were driven by its competitive resilience, disciplined financial management and decade-long record of consistent performance. The agency cited the firm’s established brand, diversified product offering, extensive distribution network and cross-selling opportunities within the FCMB Group as key strengths supporting its standalone credit profile.

According to GCR, FCMBAM ranks among the top five asset managers in Nigeria, accounting for an estimated 5 per cent share of the country’s fragmented asset management market as of December 31, 2025.

The rating agency also highlighted the company’s strong financial performance, noting that revenue increased by 30 per cent, while operating cash flow rose by 13 per cent, allowing the business to remain fully funded without relying on debt financing.

FCMBAM’s liquidity position also strengthened significantly, with its liquidity sources-to-uses ratio improving to 5.0 times in December 2025 from 3.6 times a year earlier. The company’s EBITDA margin also edged above 58 per cent, reflecting improved operational efficiency and profitability.

Commenting on the upgrade, the Chief Executive Officer of FCMB Asset Management Limited, Mr James Ilori, described the improved ratings as recognition of the firm’s long-term strategy and commitment to excellence.

“This upgrade is an important external validation of a strategy we have pursued with discipline over many years: building an investment franchise that performs reliably, governs itself rigorously, and earns trust in every market cycle. It speaks to the strength of our membership of FCMB Group Plc and to a culture that holds itself to local and global standards of risk management and capital stewardship,” Ilori said.

He added that as Nigeria’s asset management industry moves into a new phase marked by higher capital requirements and growing investor expectations, FCMBAM intends to remain ahead of regulatory timelines while accelerating digital transformation and delivering superior investment outcomes for clients.

FCMB Asset Management said it remains committed to providing globally aligned investment solutions focused on capital preservation, income generation and long-term wealth creation, supported by robust governance and risk management frameworks.

The company currently manages a range of Collective Investment Schemes, including the FCMBAM Money Market Fund, FCMBAM Debt Fund, FCMBAM Equity Fund, FCMBAM USD Bond Fund and the FCMB-TLG Private Debt Fund. It also offers discretionary and non-discretionary portfolio management services for high-net-worth individuals and institutional investors.

Established in 1997, FCMB Asset Management Limited is registered and regulated by the Securities and Exchange Commission, Nigeria, providing portfolio management and investment advisory services to individual and institutional clients as a member of FCMB Group Plc.