By Collins Nweze
Union Trustees Mixed Fund has been renamed Capital Express Balanced Fund. The unit-holders of the fund authorised the name change during the Fifth General Meeting of the Union Trustees Mixed Fund in Lagos.
It was the first meeting to be hosted by Capital Express Asset and Trust as Fund Manager. The meeting held via the Zoom virtual platform in Lagos last Thursday.
The unit-holders 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 unit-holders of the Fund also approved the audited financial statements for the years ended April 30, 2014, 2015, 2016, 2017, 2018 and 2019. The Fund declared a dividend of 10 kobo per unit holding distribution.
In the Fund Managers report, the Managing Director of Capital Express Asset & Trust Limited, Babatunde Tinubu, said the assets of the fund were invested in various securities in accordance with the approved allocation in the Funds Trust Deed.
He said 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.
He said: “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.”
The Securities and Exchange Commission appointed Capital Express & Trust Limited in December 2018 as the Fund Manager of the Fund.
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