The Nigerian Stock Exchange on Tuesday March 07, admitted 20 million units the Greenwich Asset Management Limited (GAML) into its official list at N100 per unit.
The fund also known as the Greenwich plus, was admitted for memorandum listing in Lagos on Tuesday, March 7th, 2017, to give small investors access to professionally managed, diversified portfolios of equities, bonds and other securities. The fund also ensures diversification, affordability, liquidity and Transparency.
The GAML Fund joins nine other memorandum listing on the NSE that offers investment vehicles, professionally managed by fund managers, who invest the fund’s capital and attempt to produce capital gains and income for the investors.
“The fund’s primary objective is to provide a safe stream of income for investors and to prevent capital flight by investing in low risk short term debts securities, issued for guarantee by the Federal Government of Nigeria such as Treasury bills and money market instruments issued by top rated banks.” Said the Oby Chiki-Ijegbulem Managing Director of Greenwich Securities.
According to her, at the close of the Initial Public Offering (IPO) of the fund on August 8th, 2016, it was oversubscribed by 44.8 percent, with over N400 units’ holders and remains opened for subscription due to its open ended structure.
Since commencement of full operation, in October 2016, the fund has continuously outperformed the benchmark 91-day Treasury bill with a current yield of 17.2 percent per annum.”
Speaking further, Oby said, “The fund manager (Greenwich Securities) is confident that this performance will be sustained and improved upon for the future.
In his remarks, the Group Managing Director and CEO of Greenwich Trust Limited, Mr. Kayode Falowo, appreciated the acceptance of the fund by the brokerage community, whom he said ensured a successful roll out for the fund
“We are quite delighted at the reception we have received since the fund opened, as you are aware, we came to the market to raise N1 billion, but being our first mutual fund and giving the state of the market as at that time and the illiquidity situation of the country, we had some concerns, but this market received us very well.” He said
He also said that the firm was able to raise funds in excess of N1.45 billion at the IPO.
“This is a time for every one of us to support the initiatives of the NSE and the SEC in ensuring that we focus as much as possible on mutual funds. Collective investment schemes in our view is one of the ways to grow the market and ensure there is a lot of penetration, particularly from a lot of people who do not have a hundred or two thousand to invest in the market, and we are ready to support that initiative,” he said.