Financial Market Dealer Quotation (FMDQ) OTC Securities Exchange listed the pioneer memorandum money market fund, The Greenwich PlusMoney Market Fund.
The fund is managed by Greenwich Asset Management Limited. Commenting on the listing, Managing Director/CEO of FMDQ, Mr. Bola Onadele Koko commended the fund manager on its choice of securities exchange for the memorandum listing and reiterated the exchange commitment to facilitate growth and development in the Nigerian debt capital market (DCM).
In presenting an attractive and efficient platform for issuers/fund managers to list their money market and fixed income mutual funds, FMDQ, as a front-line regulator and an information repository, provides governance and ensures continuous disclosure/dissemination of key information on all funds listed on its platform, thus, improving information transparency whilst promoting credibility of the funds towards a more globally competitive DCM, Onadele said.
In his comments, Managing Director of Greenwich Asset Management Limited, Mr. Dayo Obisan, said: Our choice to list the Greenwich Plus on FMDQ as the first collective investment scheme on its platform is a deliberate strategy to promote the transparency and visibility of the fund, and be the pioneer mutual fund that would encourage others to be listed.
The Greenwich Plus recorded the highest level of subscription at its Initial Public Offering (IPO) after subscribers demonstrated confidence in the Greenwich brand by over-subscribing to the IPO by 44.85 per cent. The Fund remains open and its core objectives are to achieve a competitive rate of return and generate a steady stream of income for unit holders.
Also speaking the Group Managing Director of Greenwich Trust Group, Mr. Kayode Falowo said the IPO and subsequent listing of the fund is a great feat in view of recent economic and financial market conditions. Being the first mutual to be listed on this great platform, FMDQ, is remarkable for us all in the Greenwich Trust Group.
We believe that the 48 per cent oversubscription attests to the confidence investors have in the capability of the fund manager, Greenwich Asset Management. As such, we encourage all investors, retail, institutional and pension funds administrators to invest in the Greenwich Plus Money Market Fund, as a means of portfolio diversification, and enjoy competitive returns on your investment.