Greenwich Plus Money Market Fund records 144.8% IPO subscription
…signals investor confidence in money market instruments
Following the closure of the Initial Public Offering of 10,000,000 units of the Greenwich Plus Money Market Fund (“IPO”), the Securities and Exchange Commission (“SEC”) has approved the allotment of the entire 10,000,000 units initially offered and an additional 4,485,500 units paid for by subscribers to the Fund, representing a total of 144.8% subscription.
To accommodate the excess subscription, the SEC registered an additional 10,000,000 units as applied for by the Fund Manager, Greenwich Asset Management Limited.
The Fund’s primary objective is to provide a steady stream of income to investors and to preserve capital by investing in short term debt securities issued or guaranteed by the Federal Government of Nigeria such as Treasury Bills and money market instruments issued by top-rated banks.
The Greenwich Plus Fund remains open for subscription due to its open-ended structure and has a credit rating of A(f) as its assets will primarily be invested in Treasury Bills.
According to Dayo Obisan, Managing Director of Greenwich Asset Management Limited, “…Greenwich Plus is a perfect channel for investors to benefit from the current high yields in money market instruments, with Treasury Bills currently offering yields of up to 22% investors have an opportunity to earn positive real returns even with the current high inflation rate at over 17%.
We thank the fund subscribers for the show of confidence in our brand and capability as Fund Manager to generate competitive returns on their investment and again remind others that the Fund is always open for subscription at N100 per unit”.
Greenwich Asset Management Limited is a wholly-owned subsidiary of Greenwich Trust Limited, one of Nigeria’s leading independent investment banks.
GAML is registered by the Securities and Exchange Commission as a Fund/Portfolio Manager and also a registered member of the Fund Managers Association of Nigeria.