Sycamore has obtained a SEC license to operate as a fund and portfolio manager, enhancing its market position. The company appointed Oluwagbenga Magbagbeola to lead asset management, bringing significant experience in capital markets. The SEC license underscores Sycamore’s commitment to compliance and investor protection, and the firm leverages advanced technology for better investment strategies.
Sycamore, a Nigerian fintech company managing assets worth over N10 billion, has recently secured a Securities and Exchange Commission (SEC) license to function as a fund and portfolio manager. Additionally, the company appointed Oluwagbenga Magbagbeola, previously the Managing Director at ARM Securities, to oversee its asset management division. This SEC endorsement positions Sycamore competitively within Nigeria’s regulated financial landscape.
Babatunde Akin-Moses, CEO of Sycamore, commented on the significance of the SEC license, stating that it reflects years of investment in institutional-grade compliance systems designed to protect investor interests. He noted that with Magbagbeola’s expertise, the company is well-equipped to provide performance and security amid Africa’s complex market conditions.
Co-founder and Chief Compliance Officer Onyinye Okonji highlighted the importance of this milestone, asserting that it underscores their commitment to the highest financial governance standards. The regulatory evaluation process assessed their governance, risk management, and client protection strategies rigorously.
Magbagbeola, bringing 17 years of experience in capital markets from roles at ARM Securities and other firms, noted that his new role at Sycamore allows for the integration of traditional capital markets expertise with fintech innovation, providing Nigerians with protected investment options during uncertain economic times.
Co-founder and COO Mayowa Adeosun showcased the company’s technological innovation, pointing out that their proprietary investment platform epitomizes advancements in adapting financial technology to local market dynamics. Artificial intelligence and machine learning are employed to enhance investment strategies by analyzing market trends effectively.
Sycamore has upgraded its mobile application with new functionalities, including a Multi-Currency Wallet feature that facilitates managing investments in various currencies such as USD, EUR, GBP, and NGN. Since its inception in 2019, Sycamore has made notable achievements, including being recognized by regulatory bodies and winning industry competitions, and continues to set benchmarks in the Nigerian fintech space.
In conclusion, Sycamore’s acquisition of the SEC license and the appointment of a seasoned asset management head signifies a robust advancement in its operational capabilities. With a commitment to high governance standards, innovative technological solutions, and experienced leadership, the company is poised to offer enhanced investment options for Nigerians, navigating the complexities of the current economic landscape.
Original Source: www.thisdaylive.com
