Legacy Equity Fund records N384.75m profit

Legacy Equity Fund has announced a net profit of N384.75m for the financial year ended June 30, 2013 as against N105.78m recorded the preceding year.

The audited results, presented at the Fund’s third Annual General Meeting held in Lagos on Thursday, showed an increase in gross income by 447.69 per cent, from N91.23m in 2012 to N408.43m.

At the meeting, a resolution was passed to pay a dividend of N0.08 per unit to unit holders of the Fund, whose names appear in the Register of Members at the close of business on Thursday, November 28, 2013, with an effective dividend payment date of December 19, 2013.

First City Asset Management Limited, which is the fund manager, attributed the performance to the global investors’ increased risk appetite which encouraged markets in emerging and frontier markets as the global economy continued to pull itself out of the 2007/2008 financial crisis.

They noted that despite a period of insecurity and violence throughout 2012 up to June 30, 2013 in the northern states, the Nigerian Stock Exchange’s All Share Index gained 67.4 per cent to close at 36,164.31 for the period ended June 30, 2013.

The Managing Director, CSL Stockbrokers Limited, Mr. Olugboyega Balogun, said the performance of the Legacy Equity Fund further consolidated CSL’s position as the pre-eminent investment solutions provider in Nigeria.

He added, “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 will 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.”

Legacy Equity Fund is specifically designed for individuals, who want a broad exposure to the NSE. This allows the client to invest in a well-diversified portfolio of shares on the stock exchange with as little as 10,000 units at the prevailing offer price.

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Legacy Equity Fund records N384.75m profit by

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