Cordros Asset Management Limited (CAML), a subsidiary of Cordros Capital Limited is offering for subscription, N1 billion Cordros Money Market Fund comprising 10million units at N100 per unit .
This follows the clearance of the offer documents for the proposed money market fund by the Securities & Exchange Commission (SEC ).The company recently held a signing meeting to this effect in Lagos where the parties involved were present to sign the necessary documents.
Speaking at the ceremony, the Chairman of CAML, Emeka Ndu said this is in line with the company’s strategy to create array of products suitable for the underserved retail segment of the economy. The CAML boss said investment of the fund is targeted at the retail end of the market and that the main objective is to provide capital preservation, regular income, liquidity and capital appreciation. He said subscription will start as soon as approval is received from the SEC.
Also speaking at the ceremony, Group Managing Director, Cordros Capital Limited, Mr. Wale Agbeyangi said the Cordros Money Market Fund offers investors the opportunity to preserve their capital and earn returns from investments in short term money market securities such as treasury bills, commercial papers, banker’s acceptance, fixed deposits and other eligible money market instruments with financial institutions in Nigeria recognised by SEC.
Explaining some of the benefits of the fund, Acting Managing Director of CAML, Mrs. Olafiyaso Ogunbiyi-Badaru said the fund seeks to provide safety, liquidity, diversification, and competitive return.
Other parties to issue are: Vetiva Capital Management Ltd as the IssuingHouse, STL Trustees Ltd as the Trustee, African Prudential Registrars Ltd as Registrars to the Fund, Babalakin & Co as Solicitor to the Trustee, UBA Plc Global Investor Services as the Custodian and Access Bank Plc as theReceiving Bank. Also TAC Professional Services as the Reporting Accountant.
Agbeyangi recently assured the company’s customers of better services as the firm unveiled a new brand identity and launched three new products.
“I am very proud of the strides Cordros has made; from being a fringe player in the industry, to one of the top-ranked and well diversified brands. I am equally proud of our clients whose supports have been instrumental to our growth and whose curiosity inspired us to delivering superior investment solutions,” he said.