Greenwich Courts Investors, Float Nigeria Entertainment Fund
Greenwich Asset Management Limited (GAML), a subsidiary of Greenwich Trust Limited, is set to float the Nigeria Entertainment Fund, a balanced mutual fund aimed at promoting investment culture, especially among practitioners of the entertainment industry and contributing to its growth.
The fund, which is the first of its kind, targets to raise N1 billion through the issuance of 10,000,000 units at N100 per unit from investors within and outside the entertainment industry.
The N1 billion will be raised through an Initial Public Offer (IPO), which has been approved by the Securities and Exchange Commission (SEC) to open on August 28, 2017.
In his remarks at a meeting held by GAML with some key practitioners in the industry, a renowned actor and an independent investment committee member of the fund, Mr. Richard Mofe-Damijo acknowledged the initiative as a welcome development.
â€œI am happy to be part of this initiative by GAML. I believe much better results emerge when professionals do what they know best, in this case we face our entertainment business and leave the management of our investments to professional managers like Greenwich,â€ Mofe-Damijo said.
In his presentation at the meeting with the theme: â€œPromoting investment culture and enhancing growth in the Nigeria entertainment industry,â€ Managing Director of GAML, Dayo Obisan, highlighted the growth and prospects of the industry and positive impact on the income of practitioners.
â€œThe growth prospect of the industry and the unpegged income of the players form a compelling consideration for us to create a financial product that further promotes the culture of savings and investment among practitioners, also to contribute to the industryâ€™s development,â€ he said.
He explained that the fund is structured as an open-ended one and plans to make annual distributions to investors.
â€œThe fund seeks to promote investment culture among participants in the entertainment industry and will provide investors an opportunity to earn returns from investing in investmentâ€“grade instruments including listed equities, sovereign and corporate debt obligations, real estate and strategic investments in the entertainment industry,â€ Obisan stated.
Speaking on the experience of GAML in asset and fund management, the MD said the company is also the fund manager to the Greenwich Plus Fund, a money market fund, which recorded a 144.8 per cent subscription at its IPO in August 2016 and which has continually paid quarterly income distributions to its investors since commencement of operations.