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Cordros Asset Management Set To Launch Target Date Mutual Funds



Cordros Asset Management Limited (CAML) said the company will launch its Milestone Fund 2023 and 2028 aimed at providing products which cater to the retail segment of the economy.

The company yesterday in Lagos held a signing ceremony for the Fund following the clearance of its offer documents by the Securities and Exchange Commission (SEC).

Speaking at the group managing director, Cordros Capital Limited, Wale Agbeyangi said “the Cordros Milestone Fund 2023 and 2028 are target date mutual funds which pursues a long-term investment strategy to manage the asset allocation of the fund, to become more conservative as the target dates of 2023 and 2028 approach.

He noted that globally, Target Date mutual funds have become increasingly popular and at the end of 2017, the Investment Company Institute (ICI) estimated a total of $1.1 trillion was invested in these funds worldwide. He stated that the Cordros Milestone Fund 2023 and 2028 are the first set of target date mutual funds to be launched in Nigeria, saying this represents a significant achievement for not just Cordros but the entire capital market.

According to Agbeyangi, the Funds which are initiatives of our asset management subsidiary is a strategic move aimed at providing products which cater to the retail segment of the economy. “These are specially designed to provide for individuals and corporations saving towards a target.”

Also, the acting CEO, Cordros Asset Management Limited, Leye Adekeye said, “we are indeed excited at the prospects that the Funds hold. The Milestone Funds are balanced funds and will have a mix of equities, fixed income and money market instruments.

“The funds will start out seeking capital appreciation and will become more conservative by seeking capital preservation towards their target dates.” He added that “opportunities abound in the capital markets and these funds will ensure we are leveraging these opportunities and providing diversification for our clients.”

The Cordros Milestone Fund 2023 and 2028 are open-ended funds, authorised and registered in Nigeria as Unit Trust Schemes under Section 160 of the Investment and Securities Act. The Funds objectives are to maximise total returns and reduce volatility as the Funds approach their target dates. The investment focus is initially on growing assets and shifts towards capital preservation to manage future income risk.



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