Largest mutual fund managers by total NAV in 2025

Nigeria’s mutual fund industry closed 2025 with total net asset value rising to N7.67 trillion, reflecting sustained investor participation and strong returns across fixed income and hybrid portfolios.

Securities and Exchange Commission (SEC) data as of 24th December, computed by  Nairametrics Research, shows that 62 mutual fund managers collectively serve over 1.1 million unitholders across 195 fund offerings, with an average Year-to-Date (YTD) yield of 21.84%.

This analysis reviewed a combined Net Asset Value (NV), combined unitholders and average YTD yield across all mutual funds’ segments traded in the market.

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While yield measures performance, total Net Asset Value (NAV) highlights scale, investor trust, and market dominance, a key indicator of long-term industry leadership.

**What the data is saying **

Total NAV across Nigeria’s mutual fund industry reached N7.67 trillion in 2025, underscoring significant asset growth during the year.

The data shows clear concentration at the top, with a handful of managers controlling a substantial share of industry assets.

• A total of 62 managers collectively oversee N7.67 trillion in assets.
• The industry serves more than 1.1 million unitholders across 195 funds.
• Average YTD yield stands at 21.84%, reflecting favorable market conditions.
• The 10 largest managers account for approximately 89.08% of the total NAV.

This combination of asset growth and investor participation signals deepening confidence in professionally managed investment vehicles.

**Leading mutual fund managers by total net asset value **

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**10. **FSDH Asset Management Ltd– N104.99 billion ****

• 10. **FSDH Asset Management Ltd– N104.99 billion **
• 9. **Zenith Asset Management Ltd– N137.92 billion **
• 8. AXA Mansard Investments Limited – N188.64billion
• 7. Chapel Hill Denham Mgt. Limited – N236.21 billion
• 6. FBNQuest Asset Management Limited – N253.00 billion
• 5. **Guaranty Trust Fund Managers – N401.21 billion **
• 4. **ARM Investment Managers Limited–N654.79 billion **
• 3. **First Asset Management Limited – N686.95 billion **
• 2. **United Capital Asset Management Ltd–N725.29 billion **
• 1. Stanbic IBTC Asset Management Limited – N3.45 trillion

FSDH demonstrates diversified management capability with multiple funds contributing to its overall asset base.

The fund manager printed a total NAV of N104.99 billion, with an average YTD yield of 17.89% and a total of 8,665 unitholders across 5 fund categories.

• Money market fund with an NAV of N84.99 billion; 5,540 unitholders and 17.36% YTD yields
• Fixed income fund with an NAV of N2.02 billion; 1,166 unitholders and 8.34% YTD yields
• Dollar fund with an NAV of N10.79 billion; 305 unitholders and 6.08% YTD yields
• Balanced funds with an NAV of N6.26 billion; 1,357 unitholders and YTD yield of 46.09%
• Shari’ah compliant funds with an NAV of N914.44 million, 297 unitholders, and 11.60% average yield.

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**10. **FSDH Asset Management Ltd– N104.99 billion ****

• 10. **FSDH Asset Management Ltd– N104.99 billion **
• 9. **Zenith Asset Management Ltd– N137.92 billion **
• 8. AXA Mansard Investments Limited – N188.64billion
• 7. Chapel Hill Denham Mgt. Limited – N236.21 billion
• 6. FBNQuest Asset Management Limited – N253.00 billion
• 5. **Guaranty Trust Fund Managers – N401.21 billion **
• 4. **ARM Investment Managers Limited–N654.79 billion **
• 3. **First Asset Management Limited – N686.95 billion **
• 2. **United Capital Asset Management Ltd–N725.29 billion **
• 1. Stanbic IBTC Asset Management Limited – N3.45 trillion

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