Within its first year of operation, Coronation Asset Management, a subsidiary of Coronation Merchant Bank Ltd, Monday, October 9 listed three mutual funds on the Nigerian Stock exchange for trading and accessibility by retail and institutional investors. The three listed funds are Coronation Money Market Fund; Coronation Fixed Income Fund and Coronation Balanced Fund.
While 479 subscribers pooled N1.654bn through the Coronation Money Market fund, Coronation Fixed Income had 39 subscribers and yielded N315.205m; and Coronation Balanced Fund with 64 subscribers achieved N198.615m.
The funds, which opened from July 10 and 28, 2017 at N1.00 per unit, offered all categories of investors, three viable options in line with domestic economic and financial market conditions, an opportunity to diversify their investment portfolios while relying on the experience and performance track record of the Coronation Brand to ensure their investments attain its required financial outcome.
Speaking on the funds, Aigbovbioise Aig-Imoukhuede, a Director in Coronation Asset Management noted that “these funds will guarantee investors’ competitive yields as the business has put together a strong investment management team who will be guided by an investment committee with over 50years combined experience to ensure the funds deliver on the expectations of investors.”
He added that “while the Coronation Money Market Fund offer investors the opportunity to maximize return on their liquid savings, the Coronation Fixed Income and Balanced Funds provide the best opportunity to realize medium to long term investment goals.
Earlier in his address, Abubakar Jimoh, the Chairman of Coronation Asset Management and Managing Director, Coronation Merchant Bank Group had described the funds-listing as “yet another milestone in the history of our company and validation of our expertise in asset management. By listing the N2.168bn raised from the three funds on the stock exchange today, we are demonstrating to our investors that we are determined and committed to offer better prospects on their investments across all market conditions”.
Coronation Asset Management is a subsidiary of Coronation Merchant Bank Group. The firm provides investment solutions to help their clients achieve their financial goals. Target clients include retail and high net worth individuals, corporations, state or federal government entities, insurance companies, amongst others.
Coronation Merchant Bank, the parent company of Coronation Asset Management, is an emerging merchant banking franchise with industry leading financial stability indicators and an “A+” rating from Agusto & Co. The credit rating is a valid testament to the bank’s strong capitalisation, good liquidity profile and robust risk management framework evidenced by the zero NPL ratio as at December 2016.
The banking group was established to fill the gap in a long-underserved market segment, seeking to address the need for long term capital across key sectors of the economy. The Group offers investment and corporate banking, private banking/wealth management and global markets/treasury services to its diverse clients. It also offers securities trading/brokerage, asset management and trustees services via its subsidiaries; Coronation Securities Limited, Coronation Asset Management Limited respectively.
Driven by its vision of becoming Africa’s premier investment Bank and with an asset base of over N100bn, the Banking group is certain to leverage its privileged direction by some of Nigeria’s individuals who excelled and rose to the top of merchant banking sector at its height of excellence to become the industry model for risk management, corporate governance and responsible business practices. Coronation Merchant Bank’s quest for industry distinction is evident in its corporate identity which has been designed to communicate the Group’s vision, ambition and inner strength. It has two branches located in Abuja and Port Harcourt with its Head Office in Lagos, Nigeria.
Coronation Asset Management Lists Mutual Funds Worth N2.17bn on NSE
