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|Cordros Asset Management Set To Launch A Dollar Mutual Fund by Archmage(m): 8:48pm On Nov 05, 2019|
Cordros Asset Management Limited (CAML) on Friday 1st of November 2019, held a signing ceremony for her proposed Dollar Fund following approval of offer documents by the Securities & Exchange Commission (SEC).
The signing ceremony is a key milestone as it implies that the Cordros Dollar Mutual Fund will be offered to the public in the coming weeks.
The Group Managing Director at Cordros, Mr. Wale Agbeyangi speaking at the signing ceremony noted that "The Cordros Dollar will help investors diversify their portfolio while also helping those with US Dollar obligations hedge against currency risk. The Fund's objective is to achieve capital appreciation in short to medium term for investors with USD and convertible currencies".
In a similar vein, Mrs. Morenike Da-Silva, the Managing Director of Cordros Asset Management Limited stated that "With the Cordros Dollar Fund, investors who have been discouraged by the high entry levels for US Dollar based investments will now have easier, convenient access".
"We believe that the Cordros Dollar Fund provides professional management and will help investors hedge their savings from the eroding effects of inflation as the underlying assets are high-quality Eurobonds and USD money market instruments ." Said Adegbolahan Aina, the Portfolio Manager.
The Cordros Dollar Fund is coming at a time when speculations are surrounding the strength of the Naira and investors are looking to diversify with investments denominated in foreign currency. With an initial fund size of $2million, the Fund will be offering 20,000 units at $100 each with a minimum subscription of 5 Units ($500). The Fund will be open-ended meaning investors can continuously add new subscriptions.
Having earlier launched Nigeria's first ever Target Date Balanced Funds with Cordros Milestone Funds 2023 & 2028 in 2018 as well as the Cordros Money Market Fund in 2016, the Cordros Dollar Fund is another addition that strengthens Cordros Asset Management Limited's position as a growth-oriented investment manager, who continuously offers investors a wide array of sound Investment solutions.
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