SEC grants approval to Cititrust to float wealth management subsidiary

Cititrust Holdings Plc says it has received approval from the Securities and Exchange Commission (SEC) to float an investment/asset management company.

In a statement on Monday, Cititrust said SEC approved for the arm to provide portfolio management to corporations and institutional investors as well as wealth management, structured investments, and other financial advisory services.

CFS Group Plc, a subsidiary of Cititrust said Cititrust Asset Management received a fund/portfolio manager license on August 31.

Commenting on the new company, Ikechukwu Peter(pictured), country chief executive of CFS Group, said: “The launch of the asset management business ties in with our plan to become a dominant player in the financial services sector.

“We are enthusiastic at the unique opportunity to bring investment products to the market as our goal is to constantly provide a wide range of solutions to support the evolving needs of our partners and the entire investment community.

“The issuance of this approval by the Securities and Exchange Commission is a laudable development, one that will most definitely lead to an unprecedented basis for value creation within the asset management space.”

Yemi Adefisan, the group chief executive of Cititrust Holdings Plc.,  said: “We intend to support African businesses and unlock the continent’s potentials through the management of several investment funds and provision of financial advisory services. Our focus is on growing wealth for our esteemed clients through our well-thought-through products”.

“At Cititrust, our people have extensive experience in the financial services sector across Africa and are devoted to pooling complementary resources and functions to give clients the best value. We look forward to offering unique and creative solutions backed up by world-class technology to transform current market offerings and do more for our clients.”