By Babajide Komolafe
Coronation Asset Management has called for a harmonised reporting standard for mutual funds in Nigeria.
Making this call in a report on Nigerian mutual funds titled, “ Comparing Mutual Funds – Apples and Oranges’, the company noted the use of different methods of reporting by mutual funds in the country is not in line with global best practices and does not encourage growth of the industry.
Speaking at the virtual media presentation of the report, Guy Czartoryski, Head of Coronation Research, said: “In our view, Nigeria’s diverse measures stand in the way of the development of the industry.
“Although it is growing rapidly, we believe that Nigeria’s Mutual Fund industry requires several more years of growth to reach the N12.3 trillion total size of Nigeria’s Pension Funds”.
Speaking further, he said: “We found two kinds of different reporting. Some funds use Mark-to-Market Accounting, meaning they…
Source: Vanguard Newspaper