Rating Release
Agusto & Co. hereby upgrades the rating of FCMB Asset Management Limited to A-(IM)
The rating expires on 31 December 2023.
Agusto and Co. upgrades the rating of FCMB Asset Management Limited (‘FCMB AML’ or ‘the Manager’) to “A-(IM)”. The rating upgrade reflects the Manager’s consistent good quality research and investment risk management, which is upheld by support from the shared parentage with FCMB Bank. The rating also reflects the Manager’s good operational track and experienced and qualified decision-making committees.
The rating is however constrained by the inadequate segregation of duties, with the Chief Executive Officer (CEO) doubling as the Chief Investment Officer (CIO). We have also taken into consideration the growing uncertainty in the macroeconomic environment, which has the potential to dampen investment performance and heighten business risks.