Sycamore, a Nigerian fintech, has secured an SEC license to operate as a fund manager and appointed Oluwagbenga Magbagbeola as head of its asset management department. This milestone enhances Sycamore’s compliance and competitive edge in the investment sector, supported by advanced technology and leadership expertise.
Nigerian financial technology company Sycamore has secured a Securities and Exchange Commission (SEC) license to operate as a fund and portfolio manager, strengthening its position in the investment sector. The firm, which controls over N10 billion in assets, has appointed Oluwagbenga Magbagbeola, a former Managing Director at ARM Securities, to head its asset management division. This development marks Sycamore’s transition into Nigeria’s regulated investment landscape.
Babatunde Akin-Moses, the CEO of Sycamore, remarked on the significance of the SEC license, stating, “Securing our SEC license represents the culmination of years of building institutional-grade compliance systems that protect investor interests. With this regulatory foundation and Oluwagbenga’s proven investment expertise, we’re uniquely positioned to deliver performance and security to investors navigating Africa’s complex market conditions.”
Onyinye Okonji, Co-founder and Chief Compliance Officer, further emphasized the importance of the license, asserting that it reflects the company’s dedication to high standards of financial governance. She noted that regulators had rigorously evaluated their governance structures, risk management frameworks, and client protection mechanisms.
Oluwagbenga Magbagbeola brings 17 years of expertise in capital markets to his new role at Sycamore, having held key positions at notable firms such as ARM Securities, FBNQuest Securities, and Profund Securities. He has previously developed consistently performing investment strategies in challenging economic conditions.
In his statement about his new position, Magbagbeola expressed, “Joining Sycamore allows me to bridge traditional capital markets expertise with fintech innovation at precisely the right time. The SEC license creates a regulatory framework for what many Nigerians are already seeking – protected pathways for investment diversification during economic uncertainty.”
Mayowa Adeosun, co-founder and COO, highlighted the technological innovations that advantage Sycamore in the market. He elaborated on their proprietary investment platform that integrates artificial intelligence and machine learning to refine portfolio allocations amidst evolving market conditions.
Recently, Sycamore upgraded its mobile application to include a Multi-Currency Wallet feature, enabling users to manage funds in currencies like USD, EUR, GBP, and NGN. Founded in 2019 by Akin-Moses, Okonji, and Adeosun, the company has achieved numerous milestones, such as gaining FCCPC approval and competing successfully in the NSIA competition. Magbagbeola is a Chartered Stockbroker and an Associate Member of the Institute of Chartered Secretaries and Administrators, renowned for his expertise in investment strategies and market analysis.
In summary, Sycamore’s acquisition of an SEC license and the appointment of Oluwagbenga Magbagbeola as head of asset management signify a substantial advancement for the company. This development not only fortifies its competitive edge but also emphasizes the firm’s commitment to regulatory compliance and innovative investment solutions. With a robust technological platform and experienced leadership, Sycamore is well-positioned to navigate Nigeria’s evolving financial landscape.
Original Source: www.thisdaylive.com
