NSE list SIAML Pension ETF 40

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990

The Nigerian Stock Exchange (NSE) has listed the Stanbic IBTC Asset Management Limited (SIAML) Pension ETF 40 as one of the Exchange Traded Fund that will be traded on the NSE floor. A total of 10,000,000 units of N100 each at par in SIAML Pension ETF 40 was listed.

According to the promoter investors can only buy a minimum of 10,000 units and multiple of 10,000 units thereafter. Addressing market operators and financial journalist on the new SIAML Pension ETF 40, Shuaib Audu an Executive Director at Stanbic IBTC Asset Management Limited noted that the fund which is an open ended is to replicate as closely as possible, the total return of the NSE Pension Index.

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The index composition has top 40 stocks on the NSE in terms of market capitalization, liquidity and other Pencom investment guidelines. Shuaib explained that the fund expects to pay out 90 percent of all of its net earnings to its unit holders every quarter. Adding that the fund manager reserves the option to automatically re-invest cash distribution into the fund and issue additional units to unit holders subject to their qualification on the record closure date.

On his part the chief Executive Officer of the NSE Mr Oscar Onyema commended the promoter for contributing towards the growth of ETF market, while he advised on the need for investors educations as awareness is still low. He urged stockbrokers to support the product by introducing it to their clients.

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