Accra, June 30, GNA - EDC Investments Limited, the Ghana Asset Management subsidiary of the Ecobank Group, has launched an open-ended fund, with a call on investors to take advantage of the offer to diversify their investments.
Dubbed the 'EDC Ghana Money Market Fund', it seeks to maximise income in line with prevailing Ghanaian money market rates, while aiming to preserve capital and maintain a high level of liquidity.
It would invest in money market securities, including treasury bills, commercial paper, bankers' acceptances and certificate of deposits issued by reputable institutions and denominated in Ghana cedi.
'As an institution, our goal is to make financial expertise broadly accessible and effective in helping individuals and corporates in meeting their financial goals,' Mr Kisseih Antonio, Managing Director of EDC Investments Limited, Managers of the Fund, told journalists at the launch.
The Fund proposes to raise a minimum subscription of GH¢ 500,000 during its initial public offer period that runs from June 27- July 18.
EDC is offering a minimum of 500,000 units at GH¢ 1.00 per share in the Initial Offer and retail investors are allowed to purchase a minimum units set at GH¢100 and thereafter in multiples of GH¢50.
On the other hand, institutional investors initial purchase is set at GH¢50,000 and thereafter in multiples of GH¢10,000.
Mr Antonio said investors would still have the opportunity to invest in the fund at the existing Net Asset Value per unit on the day of purchase.
He pointed out that a unique feature of the fund is the distribution of its net income on a quarterly basis to unit holders.
According to him, the holders would then have the option of being paid immediately or to reinvest the distributions in new units, pegged at the relevant daily Net Asset Value.
He said this was the first collective investment scheme in Ghana, which provides investors with such an option.
'As an institution, we are strategically positioning ourselves to roll out several country specific and pan-African funds spanning different assets classes, disciplines and styles to address clients' needs,' he said.
The EDC Money Market fund is the most recent collective investment scheme product that Ecobank's Asset Management business has launched in Africa with assets under management in these schemes amounting to $ 310 million.
GNA
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