Cordros Asset Management Set to Float Dollar Mutual Fund

Cordros Asset Management Limited ( CAML) will soon float the Cordros Dollar Mutual Fund following approval of offer documents by the Securities & Exchange Commission (SEC). Preparatory to the opening of the fund for public subscription, the company last Friday held the signing ceremony with other parties to the issue.

Speaking at the ceremony, Group Managing Director, Cordros Capital Limited, Mr. Wale Agbeyangi said: “The Cordros Dollar Mutual Fund will help investors diversify their portfolio while also helping those with United States Dollar(USD) 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”.

Also speaking, the Managing Director of Cordros Asset Management Limited, Mrs. Morenike Da-Silva, said: “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.”

Similarly, the Portfolio Manager, Adegbolahan Aina, said: “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 highquality Eurobonds and USD money market instruments.”

According to the company, the 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,” it said.