Coronation Asset Management’s mutual fund to hit N50b by H1, 2018

Coronation Merchant Bank has stated that it is targeting an increased yield of N50 billion by first half of 2018 (H1) on the three funds listed on the Nigerian Stock Exchange on Monday.

The Chairman of Coronation Asset Management and Managing Director, Coronation Merchant Bank Group, Abubakar Jimoh while fielding questions from Journalists at the end of the listing of the NSE assured investors that the bank would ensure massive activity on the fund to hit the volume.

He described the funds-listing as another milestone in the history of the company and validation of its expertise in asset management, adding that: “By listing the N2.168bn raised from the three funds on the stock exchange today, we are demonstrating to our investors that we are determined and committed to offer better prospects on their investments across all market conditions.

“Our target is to get this fund for like 50 billion by first half of 2018 and to achieve that, we need to ensure that there is activity on the fund. We started by N2 billion that means we need about N48 billion to go so significant activity have to happen to get to that volume since our target is to ensure massive activity, it will happen.”

The bank had listed three mutual funds on the NSE for trading and accessibility by retail and institutional investors. The three listed funds are Coronation Money Market Fund; Coronation Fixed Income Fund and Coronation Balanced Fund.

According to him, while 479 subscribers pooled N1.654bn through the Coronation Money Market fund, Coronation Fixed Income had 39 subscribers and yielded N315.205m; while Coronation Balanced Fund with 64 subscribers achieved N198.615m.

The funds, which opened from July 10 and 28, 2017 at N1.00 per unit, according to him, offered all categories of investors, three viable options in line with domestic economic and financial market conditions, an opportunity to diversify their investment portfolios while relying on the experience and performance track record of the brand to ensure their investments attain its required financial outcome.

A Director in Coronation Asset Management, Aigbovbioise Aig-Imoukhuede, noted that the funds will guarantee investors’ competitive yields as the business has put together a strong investment management team who will be guided by an investment committee with over 50years combined experience to ensure the funds deliver on the expectations of investors.

“While the Coronation Money Market Fund offer investors the opportunity to maximize return on their liquid savings, the Coronation Fixed Income and Balanced Funds provide the best opportunity to realize medium to long term investment goals.”