Cordros Asset Management Limited has floated an Initial Public Offering (IPO) to raise N1 billion for its money market fund. The opening of the application list followed approval from the Securities and Exchange Commission (SEC).
Cordros is offering 10 million units at N100 per unit, totaling N1 billion. The minimum subscription in the fund is N10,000.
The Cordros Money Market Fund is an open ended fund authorised and registered in Nigeria as a unit trust scheme under Section 160 of the Investment and Securities Act. The fund’s investment objective is to provide capital preservation and regular income to unit holders by investing in high-quality money market instruments recognised by SEC.
Cordros Asset Management Limited, Acting Managing Director, Olafisayo Ogunbiyi-Badaru, said the fund seeks to provide safety, liquidity, diversification, and competitive returns.
Chairman, Cordros Asset Management Limited, Emeka Ndu said this new money market fund was in line with the company’s strategy to create array of products suitable for the underserved retail segment of the economy.
He said the fund was targeted at the retail investors adding that that the main objective is to provide capital preservation, regular income, liquidity and capital appreciation.
Group Managing Director, Cordros Capital Limited, Mr. Wale Agbeyangi said the Cordros Money Market Fund offers investors the service of professional fund managers with expertise to avoid the common mistakes of the amateur investor.