Sycamore Achieves SEC License and Appoints New Asset Management Leader
Sycamore, a Nigerian fintech firm, has acquired a SEC license to operate as a fund manager and appointed Oluwagbenga Magbagbeola as the head of its asset management division. The license enhances Sycamore’s regulatory standing and competitive position. Technological innovations, including an upgraded mobile app, support the company’s mission to optimize investment strategies tailored to local market conditions.
Sycamore, a Nigerian financial technology firm with over N10 billion in assets under management, has successfully acquired a Securities and Exchange Commission (SEC) license to operate as a fund and portfolio manager. In conjunction with this milestone, the company has appointed Oluwagbenga Magbagbeola, formerly the Managing Director of ARM Securities, to lead its asset management division, enhancing its operations in the financial sector.
The SEC license positions Sycamore within Nigeria’s regulated investment landscape, reinforcing its competitive edge. Babatunde Akin-Moses, the CEO of Sycamore Group, remarked, “Securing our SEC license represents the culmination of years of building institutional-grade compliance systems that protect investor interests.” He expressed confidence that the company can deliver performance and security for investors in Africa’s challenging market.
Onyinye Okonji, Co-founder and Chief Compliance Officer, underscored the significance of the SEC license by stating, “This milestone reflects our commitment to operating at the highest standards of financial governance.” She mentioned the extensive evaluation process that established the company’s compliance with governance and risk management standards.
Oluwagbenga Magbagbeola contributes 17 years of experience in capital markets, previously holding roles at ARM Securities, FBNQuest Securities, and Profund Securities. At ARM, Magbagbeola consistently developed investment strategies that outperformed market benchmarks despite Nigeria’s recent economic challenges, including currency volatility.
Expressing his enthusiasm for his new role, Magbagbeola stated, “Joining Sycamore allows me to bridge traditional capital markets expertise with fintech innovation at precisely the right time.” He emphasized that the SEC license offers a regulatory framework that many Nigerians seek for secure investment diversification amid economic uncertainties.
Mayowa Adeosun, co-founder and COO, highlighted Sycamore’s technological advancements, stating, “Our proprietary investment platform represents years of innovation in applying financial technology to local market conditions.” The company utilizes artificial intelligence and machine learning for market trend analysis and portfolio optimization, tailored to Nigeria’s dynamic economic landscape.
In addition, Sycamore has enhanced its mobile application, including features like a Multi-Currency Wallet, which enables investors to manage funds in various currencies, such as USD, EUR, GBP, and NGN. Founded in 2019 by Akin-Moses, Okonji, and Adeosun, Sycamore has achieved significant milestones, including being the first Nigerian fintech to receive FCCPC approval and securing a win at the NSIA competition.
Magbagbeola is recognized as a Chartered Stockbroker and is an Associate Member of the Institute of Chartered Secretaries and Administrators, bringing substantial expertise in investment strategy, market analysis, and stakeholder engagement.
In conclusion, Sycamore’s acquisition of the SEC license marks a pivotal development for the Nigerian fintech sector, consolidating its position among regulated investment firms. The strategic appointment of Oluwagbenga Magbagbeola as the head of asset management and the innovative technological enhancements exemplify Sycamore’s commitment to providing secure investment solutions. These advancements underscore the company’s dedication to meeting the evolving needs of investors in Nigeria’s complex economic landscape.
Original Source: www.thisdaylive.com
