Access Bank office
By Obinna Chima
Alternative Capital Partners Limited (ACAP), one of Nigeria’s fund managers has concluded the integration of the Intercontinental Integrity Fund (IIF), previously managed by Intercontinental Capital Markets Limited (ICML) into its ACAP CanaryGrowth Fund (ACAP CGF).
A statement at the weekend explained that the move followed the resolution by Unitholders at the Extra-Ordinary General Meeting held by ACAP on behalf of the IIF. Units of the IIF have since been transferred into the ACAP CGF.
“Sequel to the decision of Access Bank Plc to discontinue operations of non-banking subsidiaries of the now defunct Intercontinental Bank Plc, an approval was granted by the Securities and Exchange Commission (SEC) for ICML to wind down operations and transfer the IIF to ACAP CGF.
“It is noteworthy that this is the first collective investment scheme merger to have been undertaken by local fund managers in Nigeria. This feat comes twelve months after the firm’s successful acquisition of Oceanic Vintage Fund (now known as ACAP CGF from Oceanic Bank Plc on October 28, 2011,” it added.
The ACAP CGF is a SEC-registered collective investment scheme listed on the Nigerian Stock Exchange Memorandum Quotations and commenced in October 2011 after ACAP acquired the Oceanic Vintage Fund from Oceanic Bank Plc and rebranded it ACAP CGF.
The integration of the IIF with the ACAP CGF is expected to further accelerate the fund growth, broaden the fund’s earnings base, and increase opportunities for Unitholders to take advantage of superior returns whilst preserving capital.
It further said: “The ACAP CGF with a net asset value exceeding N1 billion as at October 9, 2012 has consistently outperformed the Nigerian Stock Exchange All Share Index since it was taken over, delivering over 30 per cent returns on investment as at October 31, 2012.”
The fund manager attributed the performance of the fund to the application of ACAP’s effective asset allocation strategy with an approach that takes advantage of attractive returns in the real estate, fixed income, and money markets while focusing on equities representing the most optimal investment choice with a medium to long term view.