Rating Release

Agusto & Co. hereby affirms the AA(IM) rating assigned to ARM Investment Managers Limited (“ARM IM” or “the Manager”).

The rating expires on 15 August 2025.

Agusto & Co. hereby affirms the ‘AA(IM)’ rating assigned to ARM Investment Managers Limited (“ARM IM” or “the Manager”). The rating is upheld by the Manager’s well composed decision-making committees, adequate segregation of duties and good risk management capabilities. The rating also reflects ARM IM’s good operational track and membership of an established financial services group. However, ARM IM akin to other asset management businesses in Nigeria, continues to experience significant staff turnover across various key functions. Nonetheless, we note that the middle and senior management teams have remained largely stable and that the Manager has been able to adequately replace the bulk of staff that exited during the review period. We have also taken into consideration the disposal of ARM pensions, the largest and most visible member of the ARM Group, which could potentially affect public perception of the Group’s competencies. However, we anticipate a moderate impact on the Manager’s brand equity, given that ARM IM is one of the oldest and among the top five asset management companies in Nigeria.