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

Rating Release

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

The rating expires on 31 December 2023.

Agusto & Co. hereby affirms the BBB+(IM) rating assigned to First Ally Asset Management Limited (“FAAM” or “the Manager”). The rating is upheld by the qualified and experienced Board of Directors and decision-making committees, well-documented manuals and policies and a good risk monitoring tool.

However, the rating is constrained by the lack of an effective succession plan and the exit of key personnel across various functions within the Manager. The rating also takes into consideration the challenge of retaining talent amidst a dismal socioeconomic environment, which has resulted in mass emigration amongst Nigeria’s productive labour force.