CAPSTONE PROJECT: INTERIM REPORT

Setting up a new Quantitative Finance Firm in Nigeria

Capstone Track: Entrepreneurship

Modebola Anne Olowu

Email: Mdblanne20@gmail.com, WorldQuant University, 201 St. Charles Avenue, New Orleans,
USA.

Abstract
The emerging Nigeria market has been on a roller-coaster transformative ride, especially because of the
underdevelopment, leadership issues and volatility existing in the Nigerian economy, the poor transparency,
settlement matters and unsteady nature of the government politics, all which have given rise to regulatory
issues and lots of financial risks. As such, setting up a quant firm demands a deep knowledge of the wobbly
political and economic terrain of Nigeria, and an understanding of how to govern the interaction between
raising funds, strategy, legal, regulations and operational issues that are guaranteed to be encountered. This
research paper is going to focus on the establishment of the Eko Peninsula Asset Management Firm (EPAM)
- a Quantitative Finance Firm in the Nigerian market and will give enlightenments on overcoming the stated
challenges alongside the firm’s unique value proposition to make it an outstanding firm in the finance
industry.
The Nigerian market has been in existence since the days of trade by barter, therefore we will be looking
at the market historically and its transition over the years, also gearing towards its current global viewpoint,
the asset management sector of Nigeria’s financial services industry; the problem of raising capital/equity,
entry barriers such as minimum capital and infrastructure size for new asset management businesses. The
research paper is also incorporated as the convincing and market penetrable business plan that can be used
for potential investors to raise capital...

Keywords: Eko Peninsula Asset Management firm (EPAM), PenCom-Pension Commission,

volatility, asset management.

1.0 Introduction
This research work is under the entrepreneurship capstone track and will be focusing on Nigeria, as my
country of choice for a quant-firm start-up. It is a project that is fixed on evaluating and gauging the views of
starting a Quantitative Finance Firm in Nigeria’s emerging market. A lot has been said about Quantitative
Finance as being the bridge between finance and technology; covering the most critical aspect of what the
future will resort to call Financial Engineering, encompassing numerical analysis, computer science and
finance; all of which are used to simulate, comprehend and resolve intricate financial problems with an
ultimate target of minimizing & mitigating risks and largely capitalizing on large profit and returns. It’s what
we call here in the Nigerian banking sector ‘Achieving more with less funds’. The rapid growth of IoT
(Internet of Things, Big Data, AI and other technological advancement has made Quantitative finance grow
relevance and importance in the financial industry, as this infrastructure has permitted the disposition of
refined and robust systems to subsequently cross- test approaches established to solve financial issues. The
financial markets have seen Quantitative Finance firms strongly on a positive note, produce brilliant
performances, which has attracted substantial investment from both affluent personnel’s, the public and
private enterprises. According to Stan Altshuller, who is a Chief Research Officer at Novus, ‘the growth of
Quantitative finance will lead to them, controlling over 67% of the market value’, as managers are taking
more quantitative look at things and are augmenting their existing investment process by adding a quant
element which aids in their sizing, scheduling and risk management.

Initially, quantitative finance was the exclusive reserve of a group of people in the finance industry who use
mathematics and computer science to model problems within finance. It started mainly in the sell side,
including derivative pricing and restricted to specific departments like Derivative, Risk management,
Structuring and Trading. Today, the landscape has broadened and expanded in both definition and location
to cover most areas where mathematics is used to solve problems in finance- both sell side and buy side;
Hedge Funds, Asset management, IT departments, Insurance, Energy trading and post global financial crisis
new control functions such as Model validation and Independent price verification. The reliance on
quantitative finance in the industry has therefore necessitated the need more than ever for more people to
understand the models and most importantly the assumptions underlying them. Before, it was enough to hire
people with quantitative background with little or no finance or markets knowledge. However, the global
financial crisis has shown to us in mean terms what overreliance on mathematical models can lead to. Now,
corporations and most especially financial sectors hire talents with technical and financial market interests as
it has become essential to have people who can critique the models, understanding where they work and more
importantly where they do not. Quantitative hedge funds incorporate automated trading strategies, enabling
them to exploit price discrepancies in the markets through executing trade positions within a very short time.

2.0 Market case: The Emerging Nigerian market

Asides the main objectives of Investment banks which involves raising capital by underwriting or acting as
agents in the issuance of securities and assisting with mergers and acquisitions, they provide ancillary services
such as market making, derivatives and equities and fixed income trading. Prior to the advent of Investment
Banks in Nigeria, there is what was known as Merchant Banking serving same function as investment banks
by providing funds and advisory services to clients. In 2000, universal banking policy was introduced during
the CBN banking consolidation era which permitted banks to engage in all banking activities under a single
license. During this period, all the banks were operating within the whole gamut of the industry- deposits,
financial advisory, brokerage, trading, asset management et cetera. In 2009, however, post global banking
crisis led to the CBN order for unbundling of all the other subsidiaries from the main commercial banking
activities. After this period, the banks either sold their other businesses including the asset management arms
or kept it as a subsidiary separate from the bank. These brought the asset management sector to the fore for
clients seeking more returns than what the commercial banks were giving on their deposits and the
opportunity to diversify their investments.
Mutual funds or unit trusts are the most widely used investment instruments by asset management firms in
Nigeria with many of them operating various mutual fund schemes. The funds are launched as open ended or
closed ended funds and are actively invested in a broad category of instruments and markets; capital market,
money market, fixed income market, foreign exchange and the global market. They cater for institutional,
corporate, high net worth investors. This investment scheme, if well developed, can offer great potentials and
enormous benefits to Nigeria, a developing economy and emerging market. According to the SEC, it can
assist deepen the Nigerian capital market, extend capital market activities to the grassroots, facilitate pooling
of funds for investment purposes, encourage small private enterprises approach the capital market for long
term funds, generate profit/income capital appreciation for investors and provide retail investors with access
to professional management of funds[2].

3.0 The Nigerian Regulatory Framework

This section introduces the regulatory framework guiding the industry and the various regulators participating
in ensuring all parties abide by the laid down procedures for ensuring fairness and equity in Nigeria’s financial
market.

3.1 Regulatory Government Agencies.

The key statutes and regulations governing asset management in Nigeria are:

• The Nigerian Stock Exchange Listing Rules, which regulate funds listed on the Nigerian Stock
Exchange (NSE) (e.g. exchange traded funds).

• The Companies and Allied Matters Act (CAMA) 2004 (if asset management is a limited liability
company);

• The PenCom Regulations on the Investment of Pension Fund Assets (Pencom regulations) 2012
issued further to the Pension Reform Act (2004), which has been repealed and replaced by the
Pension Reform Act 2014; The Investment and Securities Act 2007 (ISA);
• SEC rules - The rules and regulations issued by the SEC pursuant to the ISA;
3.2 Regulators
The Securities and Exchange Commission is the constituted regulatory body saddled with the responsibility
of securities regulation in the country: it regulates the capital market and its focus is to protect investors and
market operators, and to ensure and preserve market integrity. To efficiently and effectively carry out the
objectives of securities regulation as embedded in the Investments and Securities Act, 2007(ISA), the SEC
thereby prescribed some rules and regulations for participants/regulated persons in the capital market with
more precise notice of what is expected of them, what conduct will be sanctioned and promotes fairness and
equality of treatment among similarly situated persons.
The rules are made up of 14 parts and 11 schedules [6]. They contain both rules of general and specific
applications governing securities exchanges; capital market operators; securities offered for sale or
subscription; mergers, acquisitions and combinations; collective investment schemes; borrowing by federal,
states, local government and other government agencies as well as Supra national bodies amongst other
things.
The Act exclusively states the Registration requirements in which the application for registration filing and
provision of documents for Certificate of Incorporation amongst others will require an evidence of the
minimum paid-up capital of N150million for the funds/portfolio manager who can carry out investment
advisory, selection of securities for the fund/portfolio, publication of financial market periodicals,
management of funds and portfolios on behalf of investors with a N10 billion for the firm’s minimum start-
up capital.

3.3 Regulatory Conditions & Activity

Asset and fund managers that operate within the Nigerian capital markets, as well as other persons who carry
on investment and securities business in Nigeria, must be licensed by the SEC. In considering whether to
grant a licensing application, the SEC will, inter alia, seek to confirm whether an applicant has good
knowledge of the Nigerian capital market, and whether the sponsored individuals (i.e. the key employees) of
the applicant are sufficiently knowledgeable regarding the activities and role of a fund or portfolio manager.

3.4 Tax Laws

The law demands that all asset management firms and investment managers incorporated in Nigeria are
subject to tax in Nigeria. Under the Companies Income Tax Act 2004 (CITA, as amended), managers have
an obligation to pay tax on profits that they make in Nigeria at a rate of 30% and to pay tertiary education tax
at a rate of 2% pursuant to section 1 (2) of the Tertiary Education Trust Fund (Establishment, etc.) Act, 2011.
Where managers invest in shares, any dividends payable by the investee company to the managers will be
liable to the withholding of tax at a rate of 10%. Where managers invest in bonds, the issuers of the bonds
have an obligation under the CITA to withhold tax on interest payments to resident and non-resident
companies, except where such interest is specifically tax exempt. By the virtue of the CITA, income and
interest earned on bonds issued by Federal, State and Local governments and their agencies, corporate bodies
including supranational agencies’ as well as short term government Treasury Bills and Promissory Notes are
exempt from any tax on the interest payable in relation to those securities under CITA.

4.0 Market Drivers

The Nigerian market exhibits the frail form of the random walk theory, which states that every current stock
price captures all current available information about the value of the intended firm. It additional assumes
that whenever new information appears that would enable someone to gain a genuine edge, it spreads quickly,
and no one is able to gain for long trading on the news as the stock market adjusts quickly to this new
information and no one can expertly make prediction about its direction [3]. Although in this case of the
Nigerian market, technical analysis isn’t fully incorporated and as such all past market prices and data are
fully reflected in security prices; so, it doesn’t readily adjust to the new information.

The Nigerian capital market, most especially the Nigerian Stock Exchange (NSE) and stock prices are
fundamentally driven by globalization, macroeconomics, investor disposition and market essentials.
4.1 Market Essentials:
It is often believed that a company’s fundamentals are the key long-term driver of its share price; with
financial ratios such as price-earnings (P/E), price-sales (P/S), price-book (P/B), book value (BV) etc.
Fundamental analysis evaluates the actual business operations of a company to determine its financial health,
project future growth prospects and determine current and future valuation. It uses publicly available
information usually disclosed by the company through SEC filings to build an accurate assessment of the
business.

4.2 Globalization:
The effect of globalization cannot be overemphasized; there are no longer barriers and boundaries in the
international market making it possible for the seamless flow of information and investments. Among the
many positives of this interconnectivity among markets is the increase in international investment; foreign
investors seek investment opportunities in foreign markets thereby increasing their destination’s market
valuation through foreign portfolio investments. However, the 2008 global financial crisis has also shown us
that financial crisis in any of the developed market can also be transferred to other markets as most foreign
investors will exit their positions in a flight for safety thereby causing sudden price drop in a once thriving
market.

4.3 Investors Disposition:

Behavioral analysts believe they would rather just follow their guts or mass psychology that accounts for
stock price movements when a stock or sector is hot, and prices increase substantially without a change in
company’s fundamentals. Mass investor psychology may cause market participants to act irrationally. As
such, changes in investor’s behavior causes prices to tumble or suddenly rise [3].

4.4 Macroeconomics:
From the macro-economic side- fiscal and monetary policies- the over-all market size is positively correlated
with the ability to mobilize capital and diversify risk on an economy wide basis so that the stock market
should grow as the economy grows. Therefore, the stock market reflects both underlying macro-economic
conditions and specific economy policy actions. Changes in factors like interest rate, banking policies and
regulations- Monetary Policy Rate, foreign policies, trade policies, value of the Naira, economic and political
shocks etc. all have significant impact in driving stock prices on the Nigerian bourse.

5.0 Nigerian Asset Management Structure

Majority of the asset management firms in the country are affiliated to commercial banks either as a subsidiary
in a holding structure or as a stand-alone unit. This was a fall-out of the global financial crisis and subsequent
Central Bank of Nigeria’s directive to banks to divest their holdings from non-core banking subsidiaries. As
a result, most of the asset management firms are private limited liability companies. Thus, with the existing
structure industry wide, the new quantitative firm will be structured as a private limited liability company,
following due consideration as to the nature of the proposed fund and the pros and cons of the business
structures about legal personality conferred by the virtue of the incorporation and separation of liability of the
entity from its members. It will be incorporated at the Corporate Affairs Commission (the Nigerian
companies’ registry), as required by CAMA and it is limited to a maximum of 50 shareholders.

6.0 The Eko Peninsula Asset Management Firm (EPAM)

As a new player in the Nigerian market, it is very essential to implement competitive intelligence to know
what is happening in the industry, who the major players are, what they are offering and their target market
(investors); analyzing all of this will assist in dissecting the market and provide the much-required strategy
to adopt in other to gain market acceptance and build confidence going forward. The firm seeks to generate
high risk adjusted returns in the capital and money market using quantitative strategies backed by cutting
edge technology and modern techniques which will be introduced to the Nigerian market.
Opportunities abound in this market as there are no known funds adopting quantitative strategies now and
using this to exploit the market drivers will ensure the benefits of first user advantage. The mode of operation
will also evolve to move with market trends as fund will engage in research that will aid in developing more
strategies that can be adopted before old ones get crowded out.
 6.1 Major Players
Popular fund managers and players in this sector are Financial Derivatives Company Limited,
FBNCapital Asset Management Limited, Chapel Hill Denham Management Limited, FBN Merchant
Bank Limited, etc. With the use of mutual funds to be the major source of fund for all the market players
because of the difficulties involved with raising capital in an emerging economy and, reliable information
is not available as regards fund placements made by institutional investors in other investments in the
capital market.

6.2 Main Source of Investment

The Nigerian Stock Exchange is the main source of investment into asset-managed funds in Nigeria With,
Foreign Portfolio Investment into the country for equity trading in Q4 of 2018 stands at $481.82billion,
an 85.8% growth over figures recorded in the corresponding period last year. Apart from foreign
investors, the most significant investors in the Nigerian asset management industry are:
6.2.1 Retail Investors: Retail investors include high net worth individuals who invest in private
equity and similar kinds of retail funds, as well as investors from the public who invest in publicly
offered collective investment schemes.
6.2.2 Insurance Funds: Funds held by insurance companies in the form of premium also
contribute significantly to Nigeria’s investment pool. According to the National Insurance
Commission, the industry recorded a gross written premium of N325billion (approx.
$903million) in 2016 and N235billion (approx. $653million) in the first three quarters of 2017.
6.2.3 Pension & Non-Pension Funds: These funds are made up of funds jointly paid by
employers and employees under the contributory pension scheme that came into force in 2004
under the Pension Reform Act. The total pension assets in the country stand at N7.8trillion
(approx. $22billion) as at February 2019. Interestingly, records show that less than 10% of
pension assets are invested in foreign and domestic equities securities (Quantitative Financial
Analytics). While, non-pension funds the total funds (excluding pension funds) under
management in collective investment schemes in Nigeria amounts to billions of naira.

6.3 EPAM’s Corporate strategy & Concepts.

Most existing players in this market are versed in the use of fundamental analysis for stock price forecast
and this is also the basis for their investment strategies. Being a quantitative finance fund, having carefully
considered the fact that the existing managers have been underperforming the market benchmark
(NSEASI) and yielding negative alphas with returns that are below the risk-free rate asset, the initial
strategies that will be considered for execution are pairs trading (known to be an effective strategy in
emerging markets) [5] and quantitative value investing. Following is a theoretical discussion of the
strategy ideas for intended application at the fund’s introduction.

6.3.1 Quantitative Value Investing

This strategy will allow EPAM to use a quantitative approach that incorporates company
fundamentals as our second strategy in the pursuit of alpha generation and outperforming existing
funds. The objective of the strategy is to find undervalued stocks that meet certain criteria; these
criteria give indications that the stocks are poised for stellar price appreciation.

6.3.2 Pairs Trading

This trading strategy is expected to be successful in an emerging market like Nigeria where the
frail form of the Efficient Market Hypothesis exists. As such, EPAM intends to utilize this trading
system for identified selected stock pairs on the Nigerian Stock exchange for alpha generation.
Pairs trading is one of the tools of statistical arbitrage that is used to uncover risky arbitrage
strategies that benefit from temporary price deviations of securities from their historical average.
The strategy is a market neutral strategy- strategies that are neutral to market returns while also
exhibiting lower volatility i.e. the strategy’s return is uncorrelated to the market return. It is a
quantitative approach to active investing where a portfolio is constructed by simultaneously
taking a short position in one security and long position in another security with price correlation
history based upon expectations that deviations from their historical relationship will be reversed.

6.4 EPAM’s Value proposition.

Here we present our unique value proposition which is to consistently produce alpha by generating high
risk adjusted returns that will outperform every existing mutual fund and most importantly, the Nigerian
Stock Exchange All Share Index (NSE ASI, benchmark index). Various researches reveal that mutual funds
 in emerging markets and most countries have consistently underperformed their benchmark index, we will
take it further here.
Using data obtained from the SEC website for mutual funds, while obtaining data for market returns and
risk-free rate returns were computed from the NSE market. index and the Central Bank of Nigeria (CBN)
statistical bulletin - [2] compared returns for both mutual fund and the market to confirm fund managers
weak stock picking ability and portfolio diversification skills.
The study adopts the most popular performance measure metrics; Sharpe Ratio, the Treynor Ratio and
Jensen’s Alpha [7]. The ratios mentioned are commonly used to measure excess risk adjusted returns on a
portfolio. Excess return is the portfolio returns less returns that could be earned on a risk -free asset, they
are as explained below;

6.4.1 Sharpe Ratio: It was developed in 1966 by William Sharpe. It measures excess return as the
difference between total portfolio returns less return earned on risk-free asset per unit of portfolio total risk
as measured by the portfolio’s Standard Deviation.

S R=rp – rf (1)
σp
Where:
rp = Actual return of the portfolio for the period.
rf = Risk-free rate for the period.
SR = Sharpe Ratio
σp = Standard deviation
of the fund.

6.4.2 Treynor Ratio: It is a risk adjusted ratio developed by Treynor (1965) to measure fund performance.
Although like Sharpe Ratio, but it substituted the standard deviation for the portfolio’s beta (systematic
risk). The difference between this and the Sharpe Ratio is that the later evaluates the reward to variability,
but the latter evaluates reward to volatility.
TR = rp – rf(2)
βp
Where:
TR = Treynor’s performance index.
βp = Beta of the closed-ended portfolio return.

6.4.3 Jensen’s Alpha: This will be used to gain investors’ confidence and market prominence. It was
developed by Jensen (1965) to measure the efficiency of fund manager’s fund selection ability. The excess
portfolio return is regressed on the excess market return using the Capital Asset Pricing Model (CAPM)
with emphasis on the estimate of alpha. A positive alpha suggests that the portfolio manager performs
better than the market and vice versa. Jensen’s alpha is derived from the CAPM as follows;

rp – rf = αp + βp (rm – rf ) (3)
Where:
αp =Jensen’s Alpha, is the excess return on portfolio after adjusting for the market risk.
rm =Return on market portfolio.
βp =Sensitivity of the excess return on portfolio at time t, to the excess return on the market.
A positive and statistically significant alpha depicts that the fund has experienced abnormally good risk-
adjusted returns during the period and the superior performance can be due to the manager’s ability to
consistently select undervalued stocks or predict market returns (Reilly, 1989). It should also be noted that
Jensen’s alpha shows whether a fund’s return is above the price realized through the CAPM. If the return
is in excess, then the expected return is a good return, if not, the return is poor (Bilal et. al 2011). For the
period 2012 – 2015, without adjusting for dividend income, management fee and fund expenses, the results
for the above research shows that the mean market monthly return is 0.7175%, while Treasury bill rate is
0.92%. This resulted in a negative average excess return of -0.20%; this simply means that investors were
not adequately compensated for the risky investment as they would have fared better had they invested in
the risk-free asset. Only 7 mutual funds out of the 37 observed returned positive excess returns representing
about 18.93% of the existing funds, while the remaining 81.07% returned negative returns. For the Sharpe
Ratio, only 7 (18.92%) of the observed funds have a positive Sharpe Ratio, implying higher risk adjusted
returns, while 30 (81.08%) have a lower risk-adjusted returns. The Treynor Ratio’s result was a bit better
than the analysis performed by Oduwole (2015) as 16 (43.24%) of the funds’ ratio was greater than one;
meaning that only 43% of the funds generated enough excess return to cover the volatility of their
systematic risk (beta of the market portfolio) while the others could not. The Jensen’s alpha result reveals
that 10 (27.03%) of the 37 funds have positive insignificant alpha, 6 (16.21%) funds were negative
significant alphas, while the remaining 21 (56.76%) are also negative alphas but not significant. Overall,
these results reveal lack of fund management and stock selection ability on the part of the fund managers
[7].

6.5 EPAM’s Legal Framework

As a new firm, we are very careful in choosing a legal counsel, but after much consideration, especially
around costing, we will be using Aluko & Oyebode Law Firm, it is a full-service law firm with wide
experience in the derivatives and securities regulation work. They deliver world class legal service. They
are one of the most respected firms in Nigeria as of today and they will be involved in handling our legal
issues and deciding the best practice for our fund’s structure, registration requirements, document drafts,
tax issues and compliance to existing laws, rules and regulations.

6.6 Fund Offering and SEC Requirements

According to the Investment and Securities Act of 2007, every fund manager is mandated to have a
minimum share capital of N150million. In addition to fulfilling the minimum share capital requirement,
following are the requirements for registration as a fund/portfolio manager according to the SEC ISA ACT
of 2007;
1. Application fee of N5,000.00
2. Registration fee of N100,000.00 for the function and N1,000.00 each for the sponsored
individuals.
3. Submission of 2 sets of Form SEC 2 for each of the sponsored individuals.
4. Duplicate copies of Form SEC 3 for the function applied for.
5. Copy of Memorandum and Articles of Association certified by the CAC, which shall include
among other things, power to perform as fund/portfolio Manager.
6. Copy of Certificate of Incorporation certified by the CAC and original copy for sighting.
7. Forms C02 and CO7 certified by the CAC and should be brought to the commission for sighting.
8. Latest audited accounts/statement of affairs of the company.
9. Latest fidelity bond representing 20% for the minimum paid-up capital of the function.
10. Profile of the company representing past and current activities.
11. Sworn undertaking to keep proper records and render returns as may be specified by the
commission from time to time (to be notarized).
12. Sworn undertaking to abide by SEC Rules and Regulations and ISA No 29 of 2007 (to be
notarized).
13. Operational Manual and organizational chart. Detailed Resume of the sponsored individual(s),
which should not contain any gap, all dates from secondary school must be accounted for.
14. Credentials of sponsored individual(s) from secondary school to date including NYSC discharge
certificate.
15. Full postal addresses of two nominated referees, immediate previous employers and bankers of
sponsored individuals.
16. Police clearance reports on the sponsored individual(s), who should report to the commission’s
Abuja or Lagos office with two passport photographs for their thumb printing and
17. Evidence of minimum paid-up capital of N150million for Fund/Portfolio Manager.
The company will also be inspected during processing the application. Also, it should be noted that a fair
knowledge of the commission’s Rules and Regulations and ISA No. 29 of 2007 is essential. It is, however
interesting that there are no specific rules governing quantitative funds or even hedge funds in Nigeria as
that part of the industry is not existing now.
6.8 EPAM’s Terms and Conditions
All necessary disclosures and regular investment updates will be properly communicated to all relevant
parties for transparency. Also, following usual practice in developed markets, a management fee of 2% and
performance fee of 20% will be charged on the returns generated on investments, this is however subject
to negotiation depending on the investment size. All the required documents detailing the agreements and
the fund’s activities will be drafted by the legal counsel and will be executed by all parties.

Account Structure: The fund will be open-ended and privately offered; each investor is considered a
separate limited partner of the partnership. Each limited partner will purchase a shared interest in the profit
and loss of the fund for a fixed capital investment.
Minimum Investment: A minimum sum of N100 million will be set as initial investment capital and
subsequently a N20 million will be committed. This is expected to make marketing the fund to investors
more productive. The minimum investment limit is expected to increase as the firm grows in reputation.

6. 9 EPAM’s Infrastructure:
1. Location: Our office will primarily seat in the Nigerian mega city and at the heart of Lags itself.
The size of the office space will also be determined by the firm’s mid-term growth plans and anticipated
team size growth.

2. Human Capital: An eight-man team will be created for EPAM, which will include:

i. A quant,
ii. The founder and CEO,
iii. Chief Investment Manager,
iv. Senior Portfolio Manager,
v. Chief Financial Officer,
vi. Chief Operating Officer,
vii. Chief Marketing Officer,
viii. A research Analyst,

7.0 Organizational Structure and Culture

Our core values are People (Who are any organizations greatest asset), Passion (to always deliver the best)
and Partnership (Growing with others).
Our Mission: Is to be the leading quant firm in the whole of West Africa, providing exceptional services
and raising generations of quants.
Our Goal: Is to provide the best returns to our investors and clients.
Our vision; Is to grow beyond limits and take down new to market territories.

All stated above are my current accomplishments on this research paper, I am still working on Closing my
abstract and getting more information to make my research paper more relevant and useful for the quant-
finance industry.
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