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.

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 

FSDH Asset Management Ltd– N104.99 billion 

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.

Zenith Asset Management Ltd– N137.92 billion 

Zenith Asset Management delivers strong yield performance relative to its NAV size, indicating efficient capital deployment within a focused product offering.

The fund manager printed a total NAV of N137.92 billion, 15,982 unitholders across 4 fund categories, reflecting an average YTD yield of 29.48%.

• NAV of N129.16 billion and 17.49% yields in money market funds with 6,988 unitholders
• NAV of N1.99 billion and 13.35% yields in fixed income funds with 1,304 unitholders
• NAV of N5.46 billion and 50.44% YTD yields in balanced funds with 6,188 unitholders
• NAV of N1.30 billion and 36.64% YTD yields in ethical funds with 1,502 unitholders

AXA Mansard Investments Limited – N188.64billion

AXA Mansard maintains broad retail participation with moderate yield performance, supported by brand strength and structured portfolio allocation.

The fund manager recorded a total of N188.64 billion, across 3 funds category with an average YTD yield of 16.90% with a total of unitholders of 40,338

• NAV of N885.23 million and 29.42% YTD yields in equity-based funds with 2,270 unitholders
• NAV of N162.95 billion and 15.48% YTD yields in money market funds with 37,416 unitholders
• NAV of N24.80 billion and 5.80% YTD yields in dollar funds with 652 unitholders

Chapel Hill Denham Mgt. Limited – N236.21 billion

Chapel Hill Denham combines performance strength with steady asset growth, delivering one of the strongest average yields among large-scale managers.

The fund manager, across 5 fund categories, posted a total NAV of N236.21 billion, and total unitholders of 12,627, resulting in an average YTD yield of 24.63%.

• NAV of N7.45 billion and 64.43% YTD yields in equity-based funds with 8,944 unitholders
• NAV of N35.85 billion and 18.56% YTD yields in money market funds with 2,083 unitholders
• NAV of N1.06 billion and 13.90% YTD yields in fixed-income funds with 289 unitholders
• NAV of N28.22 billion and 16.94% YTD yields in dollar funds with 460 unitholders
• NAV of N163.63 billion and yields of 9.30% in REITs with 851 unitholders

FBNQuest Asset Management Limited – N253.00 billion 

FBNQuest continues to maintain a solid asset base with competitive yields, reflecting disciplined portfolio management.

The fund manager printed a total NAV of N253 billion and 13,759 unitholders across 6 fund categories, with average YTD yields of 22.28%.

• NAV of N2.74 billion and 53.16% YTD yield in equity-based funds with 1,874 unitholders
• NAV of N11.49 billion and 4.87% YTD yield in fixed-income funds with 2,041 unitholders
• 2 funds under the dollar fund type posted a total NAV of N219.55 billion, 3,529 unitholders and an average yield of 8.29%
• NAV of N14.11 billion and 43.76% YTD yield in balanced funds with 5,550 unitholders
• NAV of N5.10 billion and 15.31% YTD yield in shari’ah compliant funds with 765 unitholders

Guaranty Trust Fund Managers – N401.21 billion 

Guaranty Trust Fund Managers stands out for managing the highest number of funds among the top tiers, with a total of 44,597 unitholders.

• The fund manager, across 6 fund categories, printed a total NAV of N401.21 and an average YTD yield of 30.02%
• Its diversified structure supports strong yield performance and stable investor participation.
• 90.11% YTD yield in equity-based funds with 3,130 unitholders, and NAV of N3.19 billion
• 2 funds under the money market fund category with an average yield of 16.15%, a total NAV of N264.47 billion and total unitholders of 30,333
• 6% YTD yield in fixed income funds with 4,981 unitholders, and a NAV of N11.59 billion
• 5.27% YTD yield in dollar funds with 2,184 unitholders, and NAV of N116.26 billon
• 46.43% YTD yield in balanced funds with 3,969 unitholders, an NAV of N5.69 billion

ARM Investment Managers Limited–N654.79 billion 

ARM combines strong retail participation with solid yield performance, positioning itself as one of the most balanced players in the industry.

With transactions across 10 funds category, the fund manager oversees N654.79 billion, with an average YTD yield of 21.17%, and a large base of 115,541 unitholders.

• NAV of N7.42 billion in equity-based funds with 8,454 unitholders, and YTD yield of 48.43%
• NAV of N337.74 in money market funds with 77,975 unitholders, and YTD yield of 18.03%
• 2 funds under the fixed income funds category with an average yield of 29.50%, total unitholders of 2,011 and total NAV of N2.25 billion

Similarly, 2 funds under the dollar funds with an average yield of 6.68%, total unitholders of 423, and total NAV of N21.97 billion

• NAV of N269.85 billion in REITs with 45 unitholders, and YTD yield of 10.20%
• NAV of N9.89 billion in balanced funds with 22,328 unitholders, and YTD yield of 32.44%

2 funds under the shari’ah compliant funds category with an average yield of 32.57%, total unitholders of 4,305 and total NAV of N5.68 billion

First Asset Management Limited – N686.95 billion 

First Asset Management Limited manages N686.95 billion with a focused product structure and a 16.90% YTD return.

With a sizeable NAV concentrated in a focused offering, First Asset Management continues to hold a dominant institutional position despite managing a single money market fund.

• Total NAV: N686.95 billion
• Unitholders: 33,128
• Average YTD Yield: 16.90%

United Capital Asset Management Ltd–N725.29 billion 

United Capital Asset Management Ltd followed in second place with N725.29 billion in assets, serving 99,078 unitholders and delivering a 20.60% YTD yield across 9 fund categories.

United Capital maintains a strong institutional presence, supported by a broad investor base and consistent performance across its product offerings.

• NAV of N6.41 billion in equity-based funds with 6,462 unitholders, and YTD yield of 46.58%
• NAV of N209.04 in money market funds with 73,641 unitholders, and YTD yield of 15.84%
• 2 funds under the fixed income funds category with an average yield of 13.86%, total unitholders of 7,864 and total NAV of N143.51 billion

Similarly, 2 funds under the dollar funds with an average yield of 8.18%, total unitholders of 4,947, and total NAV of N356.62 billion

• 2 funds under the balanced funds with an average yield of 34.28%, total 4,204 unitholders, and total NAV of N5.74 billion
• NAV of N3.97 in shari’ah compliant funds category with 1,960 unitholders, and YTD yield of 10.36%.

Stanbic IBTC Asset Management Limited – N3.45 trillion

Stanbic IBTC remains the clear industry leader by asset size, controlling nearly half of the total industry NAV among the listed managers. With over half a million investors and strong double-digit returns, the firm combines scale, performance, and product diversification.

• Stanbic IBTC Asset Management Limited leads with a total NAV of N3.45 trillion, 550,548 unitholders, and an average YTD yield of 31.75%.

Its strong yield performance across 14 funds underscores diversified product strength and institutional dominance.

• 2 funds under the equity-based funds category with an average yield of 60.18%, total unitholders of 20,230 and total NAV of N26.26 billion
• 16.14% YTD yield in money market funds with 264,098 unitholders, and NAV of N2.31 trillion, contributing 67.12% to the total NAV

The fund manager recorded an average YTD yield of 12.55% across 5 fixed income funds category with a total of 22,345 unitholders and total NAV of N34.06 billion

• 6.16% YTD yield in dollar funds with 12,830 unitholders and a large NAV of N1.02 trillion
• 38% YTD yield in REITs with huge contribution from 211,092 unitholders and NAV of N33.10 billion
• 51.31% YTD yield in balanced funds with 3,707 unitholders and NAV of N4.82 billion
• 55.52% YTD yield in ethical funds with 11,764 unitholders and NAV of N6.88 billion

2 funds under the shari’ah compliant funds category with an average yield of 94.30%, total unitholders of 4,482 and total NAV of N10.14 billion

Why this matters 

The 2025 NAV rankings highlight both concentration and competitive depth within Nigeria’s mutual fund industry.

Large managers dominate by asset size, but mid-tier firms continue to strengthen market depth and competition.

• Stanbic IBTC alone controls nearly half of the total NAV among listed managers, reinforcing its institutional dominance.
• Firms such as Guaranty Trust Fund Managers combine high NAV with strong YTD yields above 30%.
• Mid-tier managers including EDC Fund Management Limited, Meristem Wealth Management Limited, and CardinalStone Asset Mgt. Limited continue to grow assets while delivering competitive returns.

The performance suggests that scale, brand strength, and diversified product offerings remain critical to sustaining long-term leadership.

What you should know 

Nigeria’s mutual fund industry now manages N7.67 trillion in assets, reflecting increased retail and institutional adoption.

With 62 active managers and over 1.1 million unitholders, the sector continues to expand as a core component of capital market development.

• The industry-wide average YTD yield of 21.84 percent underscores favorable investment conditions in 2025.
• Managers with multiple funds demonstrate diversification advantages and operational resilience.
• NAV remains a key metric for assessing market leadership, beyond short-term yield performance.

2025 marked a milestone year for Nigeria’s mutual fund industry. While yield performance attracted investor attention, total NAV revealed where long-term trust and institutional strength reside.

The leading managers combined scale, diversification, and competitive returns—cementing their positions at the forefront of Nigeria’s asset management landscape.