Coronation Asset Management a subsidiary of Coronation Merchant Bank Ltd, on Monday listed three mutual funds on the Nigerian Stock exchange for trading and accessibility by retail and institutional investors. This is coming within the company first year of operation.
The three listed funds are Coronation Money Market Fund; Coronation Fixed Income Fund and Coronation Balanced Fund.While 479 subscribers pooled N1.654 billion through the Coronation Money Market fund, Coronation Fixed Income had 39 subscribers and yielded N315.205 million; and Coronation Balanced Fund with 64 subscribers achieved N198.615 million.
The funds, which opened from July 10 and 28, 2017 at N1.00 per unit, offered all categories of investors, three viable options in line with domestic economic and financial market conditions, an opportunity to diversify their investment portfolios while relying on the experience and performance track record of the Coronation Brand to ensure their investments attain its required financial outcome.
Speaking on the funds, Aigbovbioise Aig-Imoukhuede, a Director in Coronation Asset Management noted that “these funds will guarantee investors’ competitive yields as the business has put together a strong investment management team who will be guided by an investment committee with over 50years combined experience to ensure the funds deliver on the expectations of investors.”
He added that “while the Coronation Money Market Fund offer investors the opportunity to maximize return on their liquid savings, the Coronation Fixed Income and Balanced Funds provide the best opportunity to realize medium to long term investment goals.
Earlier in his address, Abubakar Jimoh, the Chairman of Coronation Asset Management and Managing Director, Coronation Merchant Bank Group had described the funds-listing as “yet another milestone in the history of our company and validation of our expertise in asset management. By listing the N2.168 billion raised from the three funds on the stock exchange today, we are demonstrating to our investors that we are determined and committed to offer better prospects on their investments across all market conditions”.