(Business in Cameroon) – The investment bank Africa Bright announces that it has just obtained approval for the launch of its third mutual fund (FCP) called “FCP CAP Obligations”. “This new one is approved by the Financial Market Supervisory Commission of Central Africa [Cosumaf] as an undertaking for collective investment in bond transferable securities“, explains the bank.
In other words, this new instrument will be specialized in securities used by companies or States to borrow money on the CEMAC financial market (Cameroon, Central African Republic, Congo, Gabon, Equatorial Guinea and Chad). In addition, we learn, this fund is constituted for a period of 99 years and has BGFIBank Cameroon as depositary and Deloitte & Touche Cameroon as auditor.
In September 2021, Africa Bright launched two previous funds (FCP AB Cash and FCP AB Invest) whose objective is to pool investors’ money on the stock market. This makes it possible to start on the stock market with small sums of money, but also to diversify the portfolio of investors or companies to minimize financial risk. It is also a way for the group to interest and encourage investors to enter the stock market in an environment where the stock market culture is embryonic.
These two mutual funds were also established for a period of 99 years, and have the United Bank for Africa (UBA) Cameroon as depositary and the Deloitte & Touche Cameroon firm as auditor.
At the end of 2021, the assets under management of portfolio management companies in the CEMAC financial market amounted to 348.7 billion FCFA. Nearly 70% of the market is controlled by Harvest Asset Management which has 5 FCPs and also manages funds for several institutions such as the Bank of Central African States (Beac) or the National Social Security Fund (CNPS) of Cameroon.
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