Cordros Asset Management floats N1b fund for investors
Following an approval from the Securities and Exchange Commission (SEC), Cordros Asset Management Limited has opened for offering a total of N1 billion of 10,000,000 units at N100 per unit of the money market fund to investors for subscription.
The company explained that the fund is an open ended one, authorized and registered in Nigeria as a unit trust scheme under section 160 of the Investment and Securities Act (ISA), aimed at providing capital preservation and regular income to unit holders by investing in high-quality money market instruments recognized by the SEC.
It added that the minimum subscription amount in the fund is N10,000.00.
The Acting Managing Director of the firm, Olafisayo Ogunbiyi-Badaru, had, at the signing ceremony of the fund, held recently in Lagos, explained that the fund seeks to provide safety, liquidity, diversification, and competitive returns.
She pointed out that the decision to float the fund was in line with the company’s strategy to create array of products suitable for the underserved retail segment of the economy.
According to her, the fund was targeted at the retail investors with the objective of providing capital preservation, regular income, liquidity and capital appreciation.
The Group Managing Director, Cordros Capital Limited, Wale Agbeyangi said the Cordros money market fund offers investors the service of professional fund managers with expertise to avoid the common mistakes of the amateur investor.
“The Cordros money market fund parades seasoned professional advisers led by Vetiva Capital Management Limited as the issuing house, STL Trustees Limited as the trustee, African Prudential Registrars Limitd as registrars to the fund, Babalakin & Co as solicitor to the trustees, UBA Plc Global Investor Services as the custodian , Access Bank Plc as the receiving bank and TAC Professional Services as the reporting cccountant.”
Cordros Asset Management Limited is a subsidiary of Cordros Capital Limited licensed by the Securities & Exchange Commission as a fund/portfolio management company. Management Limited offers services in Portfolio Management, Wealth Management and Mutual Funds.
The firm aims to attain leadership position in the industry through delivery of extensive products targeted at the underserved retail segment in the near future. With a team drawn from a wide range of professional backgrounds, their comprehensive expertise allows them to develop portfolio structures that enables clients achieve their overall investment objectives.