Sycamore Secures SEC License and Appoints New Asset Management Leader

Sycamore, a Nigerian fintech firm, has secured an SEC license for fund management and appointed Oluwagbenga Magbagbeola as the head of its asset management division. The firm emphasizes regulatory compliance and technological innovation in modernizing investment strategies. The enhancements to its trading platform and ongoing commitment to investor protection position Sycamore as a key player within Nigeria’s financial sector.

Sycamore, a notable Nigerian financial technology firm, has obtained a Securities and Exchange Commission (SEC) license for fund and portfolio management. With over N10 billion in assets under management, this licensing positions Sycamore alongside Nigeria’s regulated investment companies, enhancing its presence in the financial sector.

Oluwagbenga Magbagbeola has been appointed as the head of asset management. Formerly the Managing Director of ARM Securities, he brings a wealth of knowledge from 17 years in the capital markets, enhancing Sycamore’s capability to manage investments effectively.

Babatunde Akin-Moses, CEO of Sycamore, remarked on the significance of obtaining the SEC license, stating that it demonstrates years of developing compliant systems that safeguard investor interests. He emphasized the firm is now appropriately positioned to deliver optimal investment performance within Africa’s challenging market landscape.

Co-founder and Chief Compliance Officer, Onyinye Okonji, expressed that achieving the SEC license reflects Sycamore’s commitment to top-tier financial governance. She noted the rigorous evaluation process undertaken by regulators to assess structures related to governance, risk management, and client protection.

With a strong background in capital markets, Magbagbeola’s previous experience includes developing resilient investment strategies at ARM Securities. He remarked on his excitement about merging traditional capital market expertise with fintech innovation during these uncertain economic times.

Mayowa Adeosun, co-founder and COO, highlighted Sycamore’s technological advancements, particularly its proprietary investment platform, which integrates artificial intelligence and machine learning to tailor investment strategies for Nigeria’s evolving market conditions.

The firm has recently enhanced its mobile application, incorporating a Multi-Currency Wallet that allows users to manage funds in various currencies, including USD, EUR, GBP, and NGN. Established in 2019, Sycamore has achieved significant milestones, becoming the first Nigerian fintech approved by the Federal Competition and Consumer Protection Commission (FCCPC), alongside winning a competition held by the Nigeria Sovereign Investment Authority (NSIA).

Magbagbeola is recognized as a Chartered Stockbroker and holds memberships in distinguished professional institutions, further adding to Sycamore’s expertise in investment and market analysis.

In summary, Sycamore has successfully obtained its SEC license, marking a pivotal moment for the firm and the Nigerian fintech landscape. The appointment of Oluwagbenga Magbagbeola as the head of asset management underscores the company’s focus on blending traditional finance with innovation. With advancements in technology and a commitment to regulatory excellence, Sycamore is well-positioned for growth and to cater to the investment needs of Nigerians during economic uncertainty.

Original Source: www.thisdaylive.com