‘Investors who have been discouraged by high entry levels for US-based investments can now invest their Dollars as Cordros Asset Management has finally launched its Dollar Fund.  According to the Chairman of the company, Emeka Ndu, the application ,which opened opened November 25 will close on December 27, 2019.

Chronicling the growth of Cordros, he said: “Cordros started as a stockbroking business about 12 years ago and has grown into a financial service group that consistently provides investment solutions that suits various classes of investors. “We now have a total of fourmutual funds, Cordros Money Market Fund, Cordros Milestone Fund 2023, Cordros Milestone Fund 2028 and the new Cordros Dollar Fund and this is a testament of our sustained growth over the years”.

He went on to speak on the relevance of the Fund saying, ‘Cordros Dollar Fund is highly beneficial to investors; especially at a time when investors need to protect their investments from the eroding effect of inflation.

Its Managing Director , Morenike Da-silva, stressed the importance of having dollar-based investment for individuals who have dollar obligations, saying “a good number of Nigerians have dollar obligations for academic and medical tourism.

“Cordros Dollar Fund was created to enable Nigerian investors who desire exposure to USD denominated investments to achieve capital appreciation in the medium to long term. The Fund has a minimum subscription amount of $500 and an additional subscription amount of $500.

‘Investors who have been discouraged by high entry levels for US-based investments can now invest their US Dollars conveniently’ said Adegbolahan Aina, the portfolio manager.

The event had an interactive question and answer segment where the fund manager was engaged by participants and the press. It was indeed a learning session as all features of the Cordros Dollar Fund were laid bare, benefits revealed and investment approach explained.

In his closing remarks, the Group Managing Director, Wale Agbeyangi said, ‘Cordros Asset Management Limited has consistently played in the top tier of Nigeria’s investment management space with an excellent track record of delivering exceptional value to clients.

Being a customer-focused company, Cordros was one of the first Fund Managers to adopt a T+0 redemption period in the Money Market Mutual Fund space’.

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The Cordros Dollar Fund is offering 20,000 units of $100 each and the application list opened on Monday, November 25 and will close on Friday, December 27, 2019. The minimum subscription amount is $500 (5 Units).

Cordros Asset Management Limited (CAML) on Friday 1st of November 2019, held a signing ceremony for her proposed Dollar Fund following approval of offer documents by the Securities & Exchange Commission (SEC).

The signing ceremony is a key milestone as it implies that the Cordros Dollar Mutual Fund will be offered to the public in the coming weeks.

The Group Managing Director at Cordros, Mr. Wale Agbeyangi speaking at the signing ceremony noted that “The Cordros Dollar will help investors diversify their portfolio while also helping those with US Dollar 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”.

In a similar vein, Mrs. Morenike Da-Silva, the Managing Director of Cordros Asset Management Limited stated that “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”.

‘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 high-quality Eurobonds and USD money market instruments .” Said Adegbolahan Aina, the Portfolio Manager.

The Cordros Dollar 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.

Having earlier launched Nigeria’s first ever Target Date Balanced Funds with Cordros Milestone Funds 2023 & 2028 in 2018 as well as the Cordros Money Market Fund in 2016, the Cordros Dollar Fund is another addition that strengthens Cordros Asset Management Limited’s position as a growth-oriented investment manager, who continuously offers investors a wide array of sound Investment solutions.