An integrated financial services group, Norrenberger recently received upgraded ratings from Agusto & Co Limited to ‘BBB(IM)’ and Data Pro Limited to ‘A-’ respectively. The credit rating companies in their 2023 investment manager rating exercise determined Norrenberger’s rating as higher than the previous report, following the remarkable increase in its assets under management, streamlined operations, improved risk surveillance tools, team stability, and strong research and experienced decision-making committees.
In a reaction, the company said the upgrades reflect Norrenberger’s continued commitment to delivering exceptional financial products and services and its unwavering dedication to client satisfaction. Referencing the performance of Norrenberger in 2022, the reports stated that the company’s gross earnings grew by 63 per cent from the prior year 2021.
In June of 2022, the company reported assets under management of approximately N58 billion, indicating a 132 percent increase from N25 billion reported in the previous period. “This substantial growth demonstrates Norrenberger’s ability to consistently deliver value to its clients while effectively managing their investments,” the firm said in a statement.
The company provides portfolio management and advisory services to high-net-worth individuals, institutional clients and the mass affluent. Its investment universe comprises fixed-income securities, money market securities, equities and Eurobonds. Prior to the recent review, Norrenberger launched the Norrenberger Dollar Fund and the Norren Kickstart Account. The company said both products have been well received in the market, characterised by increasing demand and growing market share.
Business head, of asset management at Norrenberger, Abigail Utomi expressed her excitement about these elevated ratings saying, “This is a great achievement for us; it reflects our growing presence in the asset management business, streamlined focus on fund and portfolio management activities, enhancements in the tools for risk surveillance, and stability within our core teams. Our unrelenting efforts to maintain the highest standards of professionalism and transparency have resulted in this well-deserved recognition. I could not be prouder.”
The managing director/CEO, Anthony Edeh, commented on this achievement. “We are truly honoured by these upgraded ratings from Augusto & Co and Data Pro alike. They reaffirm our dedication to our clients and our commitment to deepening our market influence. We own this market, and we are intentional about proving it,” he said.
The ratings are valid for 12 calendar months, in line with international best practices.
Norrenberger said it remains committed to its core values, saying the combined achievement provides further assurance to clients and stakeholders that the company continues to operate at the highest levels of professionalism, committing to its strategic goal.
