Economy
NORRENBERGER, a financial services group, has launched the Norrenberger Dollar Fund to help investors hedge their savings against inflation and devaluation.
Mr Tony Edeh, Group Managing Director, Norrenberger, said this in a statement in Lagos to announce the launch of the fund.
Edeh explained that the Norrenberger dollar fund, approved by the Securities and Exchange Commission (SEC) was an open-ended mutual fund designed to provide investors with capital appreciation and diversification.
He noted that the fund would be invested in eurobonds issued by governments, corporates and dollar denominated money market instruments and cash.
According to him, the fund has a minimum subscription amount of 500 dollars and an additional subscription amount of 100 dollars, which means that investors can add to their investments at any time.
“The fund will open for subscription on Dec.19.
“We have a very clear mission to create financial asset classes targeting the need of every single household in Nigeria and by 2025; we hope to have delivered at least one financial solution to every household.
“The launch of the Norrenberger dollar fund comes at the right time to help investors diversify their portfolio while also helping those with US dollar obligations hedge against currency risk,” he said.
Commenting, Mrs Abigail Utomi, Business Head, Asset Management, said the objective of the fund was to provide investors with the opportunity to invest in dollar-denominated instruments.
Utomi stated that this would mitigate the erosion of their investments due to the constant devaluation of the local currency, naira.
“Investors can enjoy significantly higher returns than the average domiciliary account.
“The fund is targeted at retail and high net worth individuals, corporates, institutional investors and Africans in diaspora who desire exposure to dollar denominated Fixed Income Securities,” she said.
Norrenberger is the fund manager of two other mutual funds registered and approved by SEC; the Norrenberger Money Market Fund and Norrenberger Islamic Fund. (NAN)
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Tags: Abigail Utomi NORRENBERGER Tony Edeh
