The Securities and Exchange Commission  has approved and issued a licence to Lancelot Fund and Portfolio Management Limited to commence full operations as a fund manager in the country.

Lancelot Fund and Portfolio Management Limited is a subsidiary of Lancelot Group that recently announced plans to grow its assets to N10tn in the next 30 years.

It said  in a statement that the SEC approval came following due registration process and thorough examination of the company’s management, corporate governance structure, minimum capital requirement as well as processes.

Speaking on this development, the Managing Director of the company, Ms Adedoyin Adelakun said, “Lancelot Fund and Portfolio Management Limited is a wholly owned Nigerian Asset Management Company located in Victoria Island, Lagos. We offer bespoke investment products to our clients who want to grow their portfolio while also  offering discretionary and non-discretionary portfolio management services to its high net-worth clients and institutions.”

The company, she said, was uniquely qualified to succeed because it understood its target customer needs, its industry and its business model offered exceptional value to customers.

“We also have a team of experts with requisite industry experience and achievements to drive the success of our company and deliver value to our customers,” she said.

Earlier, the Group Executive Chairman of Lancelot Group, Mr Adebayo Adeleke, had stated that, the group, as part of realising its N10tn assets growth target in the next 10 years, currently had six subsidiaries and two associate companies, is into capital market operations (fund/portfolio management and registrars), agricultural sector, leasing, real estate and publishing.

Lancelot Ventures Limited, which later metamorphosed into a Group, was founded in February 1993.