Sycamore, a Nigerian fintech managing over N10 billion, has obtained an SEC license to operate as a fund manager and appointed Oluwagbenga Magbagbeola as its new asset management head. This strengthens Sycamore’s competitive position and commitment to investor security. The company emphasizes technological innovations and improvements to its investment platform, aiming for responsive strategies in Nigeria’s dynamic economic environment.
Sycamore, a Nigerian financial technology firm managing over N10 billion in assets, has secured a Securities and Exchange Commission (SEC) license to become a fund/portfolio manager. The company also appointed Oluwagbenga Magbagbeola, former Managing Director of ARM Securities, to head its asset management division, enhancing its competitive position in Nigeria’s financial landscape.
The acquisition of the SEC license fortifies Sycamore’s reputation as a regulated investment firm. Babatunde Akin-Moses, CEO of Sycamore, highlighted that the license reflects their commitment to investor protection via robust compliance systems. He stated their goal is to provide security and performance to investors facing complex economic challenges in Africa.
Co-founder and Chief Compliance Officer Onyinye Okonji remarked on the significance of this achievement, pointing to a rigorous evaluation by regulators to assess governance structures, risk management frameworks, and client protection protocols. This license underscores their pledge to uphold the highest financial governance standards.
Oluwagbenga Magbagbeola brings 17 years of capital markets experience, previously developing successful investment strategies at ARM Securities, FBNQuest Securities, and Profund Securities. He noted that joining Sycamore represents an opportunity to merge traditional financial expertise with fintech innovation, especially during times of economic volatility.
Sycamore’s COO Mayowa Adeosun emphasized their technological advancements, highlighting a proprietary investment platform that utilizes artificial intelligence and machine learning to analyze market trends, which enhances their investment strategies tailored to Nigerian market dynamics. The recent upgrade to their mobile app includes features such as a Multi-Currency Wallet for managing funds in various currencies including USD, EUR, GBP, and NGN.
Founded in 2019, Sycamore has reached notable milestones, being the first Nigerian fintech to gain approval from the Federal Competition and Consumer Protection Commission (FCCPC) and winning a competition hosted by the Nigeria Sovereign Investment Authority (NSIA). Magbagbeola, a Chartered Stockbroker, is recognized for his expertise in investment strategy and stakeholder engagement.
Sycamore’s acquisition of the SEC license and the appointment of Oluwagbenga Magbagbeola as head of asset management marks a significant advancement in its growth strategy. The company aims to leverage its technological capabilities to enhance investor security and performance in an evolving market. With a strong regulatory foundation and experienced leadership, Sycamore is well-positioned to cater to the financial needs of Nigerians seeking diversified investment opportunities during economic uncertainty.
Original Source: www.thisdaylive.com
