A brand new cash market fund providing two billion models at N1.00 every has opened for subscription, focusing on retail and institutional buyers looking for short-term, low-risk returns.
The Berkshire Money Market Fund, an open-ended unit belief registered with the Securities and Exchange Commission (SEC), is being supplied at par, placing the overall supply at N2 billion.
According to the fund supervisor, Berkshire Asset Management Limited, the supply is designed to present capital preservation, liquidity and aggressive revenue returns in keeping with prevailing alternatives within the Nigerian cash market.
Rated by DataPro Limited and audited by Ijewere & Co, the fund will make investments primarily in short-term, investment-grade cash market devices, with its efficiency benchmarked towards the common yield of 91-day Nigerian Treasury Bills.
Subscription opens at a minimal of 10,000 models (N10,000), with later investments in multiples of 5,000 models.
The fund was launched within the presence of key trade stakeholders, together with CFG Africa Trustees Limited as Trustee, Rand Merchant Bank Nigeria Limited as Custodian, and Cordros Registrars Limited as Registrar.
Commenting, the Managing Director/CEO of Berkshire Asset Management Limited, Mr. Adetola Odusote, stated: “The launch remains a significant milestone in the company’s journey to create channels for optimisation of capital allocation for economic development, whilst leveraging technology to democratise investment by pooling small amounts of cash from everyday individuals to access low-risk, short-term debt instruments.”
Chairman of the corporate, Mr. Usman Abdulqadir, added that the fund would relieve buyers the burden of choosing, valuing, monitoring and managing monetary property which will likely be dealt with by the supervisor.
He stated: “Berkshire was formulated with the intent to deepen the Nigerian capital markets by means of growth of a wide selection of funding merchandise, and the formal launch of its cash market fund lays credence to the imaginative and prescient of the corporate to turn into the main reference for digital funding options anchored on modern merchandise.
Managing Director of the fund’s trustee,CFG Africa Trustees Limited, Mr. Akindele Ogundepo, assured Nigerians that the trustee will oversee the fund’s operations to guarantee compliance with funding targets and defend buyers’ pursuits.
He defined that pooling buyers’ contributions may present people with entry to funding alternatives that will in any other case be out of their attain.
