The Nigerian Stock Exchange (NSE), yesterday listed a total of 50 million units of Abacus Money Market Fund on its daily official list. NSE admitted 50 million units of Abacus Money Market Fund at N100 per unit.
Abacus Money Market Fund is a mutual fund with open-ended Investment Scheme with competitive returns. Mutual fund is an investment vehicle made up of a pool of moneys collected from many investors for the purpose of investing in securities such as stocks, bonds, money market instruments and other assets.
The fund is managed by Investment One Funds Management Limited, a subsidiary of Investment One Financial Services Limited and the Fund has been approved by Securities and Exchange Commission (SEC).
Speaking at the listing, the chairman of Investment One Funds Management Limited, Mrs. Joke Chukwumah said this is the first listing on the NSE in 2018 and no doubt there will be many more to come.
She stated that “the Fund is an opportunity for us to reach out to the retail end of investing public and we belief with the listing of Abacus Fund, we will be able to reach out to a lot more people outside the institutional investors.”
According to Chukwumah, the Fund is a diversified portfolio with investments in quality money market instruments, short term debt securities, such as banker’s acceptances, Commercial papers, treasury bills and others.
On the primary objectives of the funds, she said that it serves as capital preservation and competitive returns and it is an opportunity to capitalise earnings whilst guaranteeing investor’s principal
According to her, the Fund also offers opportunities for good returns compared to savings account while maintaining a low risk and conservative approach to the investment.
Speaking on behalf of capital market operators, the managing director of Highcap Securities Limited, Mr. David Adnori said the listing will help deepening the capital market, saying that this will attract a number of new listing this year.
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