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Mortgage Firm Promises N1.5m Houses For Nigerians

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The Nigerian Mortgage Refinancing Company on Monday said it was ready to refinance a one-bedroom apartment for the citizens at a cost of N1.5m in any part of the country.

The Managing Director, NMRC, Prof. Charles Inyangete, made the pledge during a press briefing on the African Union Housing Finance Conference to be held on Wednesday in Abuja.

The NMRC was inaugurated on January 16, 2014 by former President Goodluck Jonathan to assist in making access to housing finance more affordable to Nigerians.

Since then, the agency has refinanced hundreds of housing projects with the injection of over N6bn liquidity into the housing market.

It is presently evaluating about 5,000 mortgages for the housing sector.

Inyangete said while the country had a huge housing deficit, the NMRC was conscious of the fact that through technology, the cost of owning a house in any part of the country could be reduced.

He said the need to start making houses more affordable for Nigerians was born out of the conviction that by 2050, about 106 million citizens would be regarded as low-income earners.

He added that by 2050, about 2.4 billion of the world’s population would not be able to cope as most of them would have been financially overstretched.

Inyangete said with the mandate given to the NMRC, the agency would provide more liquidity to the housing market.

This, he added, would assist in addressing the inequality that had been created as a result of the housing deficit.

He said, “There are a lot of initiatives that have been planned by the government to address the problem of affordable housing in the country. The issue of affordable housing is being addressed from a holistic perspective. We are ready to refinance houses for Nigerians for as low as N1.5m and we hope that we can use technology to achieve that.

“Prices of houses in Nigeria are very high and we need to build sustainable houses for the low and middle-income earners. We don’t have to build houses with materials that are imported.”

Also speaking at the briefing, the Chairman of the Board of the AUHF, Mr. Oscar Mgaya, said the conference would be attended by over 170 participants from 23 countries.

He said the conference would also serve as an advocacy platform to bring to the fore the need for the government to make the issue of housing a priority.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Investment

REVEALED: Millionaire Investors’ Biggest Mistakes in a New Survey

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Relying on guidance from historical returns is the number one investment mistake made by millionaires, reveals a new global survey.

The survey was carried out by deVere Group, one of the world’s largest independent financial advisory and fintech organisations, and queried 752 investors with investable assets of more than £1m (or the equivalent) in the UK, Europe, Asia, Africa, the Middle East, Australasia, Latin America and North America about their biggest errors whilst investing before they became clients.

The top cited mistake (38%) was reliance on historical returns, the second (35%) was not having sought advice, and the third (21%) was lack of diversification. A collection of other mistakes and ‘do not knows’ made-up the remaining 6%.

deVere CEO and founder, Nigel Green, says: “It’s interesting to see that for the first time in our surveys of this kind that the number one investment mistake high-net-worth individuals have made is, they say, reliance on guidance from historical returns.

“To me, this suggests that wealthy investors are paying attention to how the world has changed dramatically this year and, therefore, investment strategies need to adapt and evolve too in order to reflect the new era we’re living in.

“With fundamental shifts in economies and the markets, the often-quoted industry phrase ‘past performance is not a reliable indicator of future performance’ has perhaps never rung more true than it does today.”

He continues: “It’s encouraging that seeking advice is deemed fundamental to success by millionaires as it shows that DIY investing and not having a regularly reviewed plan is, typically, a path full of costly pitfalls.

Mr Green goes on to add: “The lack of diversification was in some ways bound to make the top three. Why? Because it is universally regarded as an investor’s best tool to mitigate risks and capitalise on opportunities that arise.”

The fact the top three mistakes are all fairly close in percentage terms says to the deVere boss, “that, in fact, they all link in pretty tight to number two – that’s to say, having a robust, considered and consistently reviewed strategy for your personal finances.”

Mr Green concludes: “To some, this could appear as if investing your hard-earned money is dangerous.

“Yet nothing could be further from the truth – not investing is likely to be more dangerous to your wealth over the longer-term.

“This is shown by the fact that most of the world’s wealthiest people are themselves committed investors.”

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Investors Turn to Digital Health Startups With $10 Billion Funding in 2020

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Global Investors Dump $10 Billion on Digital Health Startups in 2020

Data presented by Buy Shares shows that digital health startups funding has hit $9.9 billion in 2020. The highest funding was recorded in Q3 at $4.6 billion.

The surge in funding is expected to continue

Between Q1 and Q3, the funding grew by 58.62%. During Q1, the funding was $2.9 billion. The figure slightly dropped during Q2 to $2.4 billion.

The Buy Shares research also overviewed the five largest digital health funding deals as of Q3 2020. Bright Health was the biggest deal at $500 million with funding from Blackstone, Tiger Global Management among others. XtalPi recorded the second-highest funding at $319 million.

In the third spot, there is RecursionPharmaceuticals with cumulative funding of $239 million while Ro is fourth at $200 million. Out of the overviewed top funding, Ground Rounds is ranked fifth at $175 million.

The research highlights the value of digital health to investors. According to the research report:

“To investors, the digital health sector offers a promise of both good financial returns and key positioning by supporting companies that build solutions to address clinical and operational hurdles. The sector offers a unique value to companies as they hold integral direct access to both providers and patients.”

The surge in funding is expected to continue and shatter various records in 2020.

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World’s Five Largest Asset Management Companies Hold $22.5trn in Assets, More than US GDP

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Global Five Biggest Asset Management Companies Hold $22.5trn in Assets, More than US GDP

Institutions and individuals who invest money usually do so with the asset manager’s help, a company that manages their investments and makes a profit for both sides. These firms make well-timed investment decisions on behalf of their clients to grow their portfolio and finances.

According to data presented by Stock Apps, the world’s five largest asset management companies hold $22.5trn in assets, more than the GDP of the United States. With more than $7.3trn in assets under management or one-third of that value, BlackRock represents the leading asset manager globally.

Total Assets Under Management of BlackRock Surged 57% in Five Years

Asset management companies work with several investors, which enables them to reduce the risk, diversify their clients’ portfolios, and provide access to higher-value options with better capital appreciation prospects. In many cases, they make money by charging fees based on the number of assets they manage, although some companies charge flat fees. These firms usually also provide other services than asset management, which generates only a part of their revenue.

The world’s largest asset manager, BlackRock, has become one of the leading players on the financial market over the last 25 years. It serves individual investors, companies, governments, and foundations through 70 offices all around the world. BlackRock also tops the list of largest Exchange Traded Fund (ETF) providers in the United States and has played a huge role in advising the US government during the financial crisis.

In 2015, the total value of assets under BlackRock’s management amounted to $4.6trn, revealed the company’s annual report. During the last five years, this figure surged by 57% to $7.3trn in 2020. Besides leading in the value of managed assets, the New York-based financial giant also witnessed a steady market cap growth in 2020. In September, the total value of BlackRock stocks hit $83.6bn, a 22% jump year-over-year.

With $5.7trn in total assets under management, the Vanguard Group ranked as the second-largest asset manager globally. The US financial company, with 20 locations worldwide and 17,600 employees, is also the second-largest provider of exchange traded funds and the largest provider of mutual funds in the world.

Eight of the top 10 Asset Management Firms are US Companies

UBS Group represents the third-largest asset manager globally, with more than $3.5trn in assets under management. The Swiss financial corporation and the country’s largest bank announced a net profit of $1.23 billion for the second quarter of 2020, an 11% drop year-over-year mostly caused by the continued credit losses amid the coronavirus crisis.

However, higher trading activity continued to support the bank’s earnings between March and June. The Group’s quarterly earnings also revealed an operating income of $7.4bn, compared to $7.5bn a year ago. Statistics show the Swiss lender lost $1.6bn in market capitalization in 2020, with the total value of stocks falling from $45.6bn in December 2019 to over $44bn this month.

State Street Global Advisors and Fidelity Investments ranked as the fourth and fifth largest asset managers globally, with $3.05trn and $2.92trn in total assets under management.

Analyzed by geography, the US asset managers lead on the global list of the most successful companies, with eight of the top 10 asset management firms from the United States. Statistics also show the world’s largest banks like JP Morgan Chase, Goldman Sachs, and Bank of America were not among the top five asset managers in terms of managed assets.

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