Agusto & Co. hereby affirms the BBB+(IM) rating assigned to FCMB Asset Management Limited

Rating Release

The rating expires on 10 January 2023

Agusto & Co. hereby affirms the BBB+(IM) rating assigned to FCMB Asset Management Limited

Agusto & Co. hereby affirms the BBB+(IM) rating assigned to FCMB Asset Management Limited (‘FCMBAM’ or ‘the Manager’). The rating is upheld by the Manager’s defined process for decision making, an operational track record of over 20 years in the asset management industry and membership of an established financial services group. However, the rating is impaired by FCMBAM’s inadequate segregation of duties – with the Chief Executive Officer doubling as the Chief Investment Officer and the limited use of technology in operational risk management. We have also taken into consideration the multiple exits in the research team and the absence of a Non-Executive Director that is independent of the FCMB Group.