EDC Fund Management , the Asset Management arm of Ecobank in Nigeria has launched two mutual funds, known as the EDC Nigeria Money Market Fund, and the EDC Nigeria Fixed Income Fund.
The funds offers customers of the corporation and other interested Nigerians the opportunity to diversify their investment portfolio with as little as N5,000 for the Money Market Fund and N50,000 for the Fixed Income Fund.
Announcing the launch in Lagos, EDC Fund Management Managing Director, Ibukun Oyedeji said the money market fund provides the benefits of pooled investment, allowing investors to invest in a diverse and high quality portfolio. Like other mutual funds, each investor in a money market fund is considered a shareholder of the investment pool.
She stated that the money market funds are managed within rigid and transparent guidelines to seek preservation of capital, liquidity and competitive yields. The Money Market fund has two classes – Class A caters for the retail investor while Class B is targeted toward corporate investors as a liquidity management solution.
The EDC Nigeria (Corporate) Money Market Fund will assist large corporates to efficiently manage their day-to-day liquidity while they focus on more strategic initiatives for their business. The unit price for the Class B is N1 million.
On the EDC Nigeria Fixed Income Fund (“the Fund”), the managing director said this is a collective investment vehicle which invests primarily in government and corporate bonds