BusinessDay
Nigeria's leading finance and market intelligence news report.

Futureview floats equity, dollar Mutual Funds

A leading Fund Manager, Futureview Asset Management Limited, has secured full approval of the Securities and Exchange Commission (SEC) to commence the offer of their Equity Fund and Dollar Fund to enable investors diversify their portfolio, hedge against inflation, and enjoy steady income despite the ongoing atmosphere of negative return on investment in Nigeria.

By this approval, the company is offering 5,000,000 units of Futureview Equity Fund at N100 per unit and 15,000 units of Futureview Dollar Fund at $100 per unit to institutional and retail investors both in Nigeria and offshore for subscription.

Futureview Group’s Managing Director, Elizabeth Ebi explained that both funds are open-ended, authorized and registered in Nigeria as Unit Trust Schemes in compliance with the requirements of the Investment and securities Act (ISA) and SEC Rules and Regulations.

Ebi, the first lady Stockbroker in Nigeria said the Funds were floated to provide alternative asset classes for investors in this era of macroeconomic vagaries, characterized by relatively high inflation rate and devaluation of Naira, among others.

She stated that the Equity Fund requires a minimum subscription of N50,000 and multiples of 50 units thereafter and the Dollar Fund, five units and multiples of five units subsequently.

Read also: Presco shareholders approve N2bn dividend for 2020

“As part of our professional obligation to create products that meet the needs of diverse investors worldwide, we have floated the Futureview Equity Fund and Futureview Dollar Fund to address the challenges of negative return on investment in the challenging operating environment. Most investors are contending with negative return arising from high inflation rate, low Monetary Policy Rate (MPR) and devaluation of the Naira. The Funds have come at an auspicious time in the industry and the economy. The Stock Market is at the rock bottom level as shares of many blue-chip companies are trading below their intrinsic values. The Funds will not only hedge investors against inflation but guarantee steady return”, said Ebi.

The Managing Director, Futureview Asset Management, Ugochi Nnodi noted that the overall interest in the Funds has been quite impressive. Pension Fund Administrators (PFAs), Insurance Companies have indicated keen interest since it will also be listed on the NGX.

As open-ended funds, the Fund Manager can issue and redeem shares anytime. The Fund Manager is Futureview Asset Management limited. The Trustee is STL Trustees and the Custodian is United Bank for Africa, Global Investor Services.

Get real time updates directly on you device, subscribe now.