Chika Mordi is executive director and head of Investment Banking and Asset Management, a pivotal arm of one of Nigeria's largest banks, UBA Capital. UBA has been rapidly expanding not only into Africa but around the world. The demand for investment, especially in infrastucture, is enormous, he tells Eleum Ezezi, and UBA Capital is ideally poised to service it.
African Banker: What is the scope of UBA Capital?
Chika Mordi: Basically, UBA Capital is charged with investment banking and asset management. Today in UBA, we already have departments that are involved in all aspects of banking. There is UBA Global Market, for example, the leading fixed-income bond in Nigeria and a major player when it comes to equities.
UBA Asset Management has launched four mutual funds to date. The Balanced Fund provides subscribers with low-risk investment. This investment is spread across industries with different financial instruments--a spread of fixed income products, equities, the money market, etc.
UBA has also launched the Money Market Fund, which typically is for investors who want to protect their principal and keep it in a liquid form. The fund essentially buys short-term instruments.
A Fixed Income Fund and High-Growth Fund completes the picture. The High Growth Fund manages a portfolio of high-performance stocks on the Nigeria Stock Exchange. That fund was launched in the early part of last year and it has more than doubled in size.
For clients who do not need their funds managed, we have UBA stockbrokers, for execution only services. We have completely restructured the business, bringing in some new and very talented people to run it, and our monthly dealing turnover is already one of the largest in the industry.
Aligned to our stockbroking services, we have UBA Registrars, UBA Trustees, and UBA Pension Custodian, the latter being the largest in the industry. So, these are the companies within UBA Capital.
The whole idea of UBA Capital is to play in that space--the industrial banking and asset management space--as an extension of the vision of the UBA Group.
African Banker: How does UBA Capital fit into the UBA Group's structure?
Chika Mordi: As you know, UBA's vision is to be Africa's global bank and a role model for African business. That dream has taken us across Africa and to parts of the world with a substantial African diaspora. Our dream is to extend our business in such an exemplary fashion that young African...