Norrenberger, an integrated financial services group, has launched the Norrenberger Dollar Fund, designed to help investors hedge their savings from the eroding effects of inflation and devaluation.
The Norrenberger Dollar Fund, approved by the Securities and Exchange Commission (SEC) is an open-ended mutual fund designed to provide investors with capital appreciation and diversification.
The Fund invests in highly liquid investments that provide liquidity to investors.
Speaking at the launch of the Fund in Abuja, the group managing director, Norrenberger, Mr Tony Edeh stated: “We have a very clear mission: To create financial asset classes targeting the need of every single household in Nigeria. By 2025, we hope to have delivered at least one financial solution to every household.
“The launch of the Norrenberger Dollar fund comes at the right time to help investors diversify their portfolio while also helping those with US Dollar obligations hedge against currency risk.
“The fund will invest in Eurobonds issued by governments and corporates and Dollar denominated money market instruments and cash. The Fund has a minimum subscription amount of $500 and an additional subscription amount of $100. This means that Investors can add to their investments at any time.”
Also commenting on the launch of the product, business head, Asset Management, Mrs Abigail Utomi, stated that “the objective of the Fund is to provide investors with the opportunity to invest in dollar-denominated instruments that help to mitigate the eroding effects on their investments due to the constant devaluation of the local currency, Naira. Investors can enjoy significantly higher returns than the average domiciliary account. The Fund is targeted at retail and high net worth individuals, corporates, institutional investors and Africans in diaspora who desire exposure to Dollar denominated Fixed Income Securities.
“The Fund will open for subscription on December 19, 2022 and Norrenberger is the fund manager of two other mutual funds registered and approved by the SEC, the Norrenberger Money Market fund and Norrenberger Islamic fund.”
