Union Trustees Mixed Fund has changed its name to Capital Express Balanced Fund.
Unitholders of the fund authorised the change of name during their fifth general meeting and the first meeting to be hosted by Capital Express Asset and Trust, in its capacity as Fund Manager.
The name change was announced during a virtual meeting held recently with attendance of the firms’ stakeholders.
The Unitholders also authorised the amendment of the Fund Trust Deed and the execution of the amended and restated trust deed to reflect the amendments as approved by the Securities and Exchange Commission.
During the meeting, the Unitholders of the Fund also approved the audited financial statements for the years ended April 30, 2014, 2015, 2016, 2017, 2018 and 2019.
In the Fund Managers report, the Managing Director of Capital Express Asset and Trust Limited, Mr. Babatunde Tinubu, disclosed that the assets of the fund was invested in various securities in accordance with the approved allocation in the Funds Trust Deed.
He disclosed that the fund’s total gross investment income rose by 12 per cent to N94 million as of the end of April 30, 2019, from N84 million in the corresponding period of 2018.
In a statement made available to THISDAY, Tinubu added: “The fund is an actively managed open-ended collective investment fund whose main objective is to provide investors with optimal growth on returns on capital over the long term through investments in select portfolio of securities and instruments.
“The fund seeks to achieve its investment objective by investing in money market instruments, real estate, fixed income securities and quoted equities in accordance with the approved asset allocation.”