The Cordros Money Market Fund (“the Fund) is an open-ended mutual fund that seeks to provide safety, liquidity, diversification and competitive return. The Fund will invest in high quality short term money market securities, unsubordinated short term debt securities such as Bankers’ Acceptances, Certificates of Deposits, Commercial Papers, Deposits (Fixed/Tenored) with eligible financial institutions, and other instrument introduced and approved by the Central Bank of Nigeria (CBN) from time to time as permissible under SEC Rule 470.
The fund will give investors access to liquidity, diversification, regular income, and professional portfolio management. The Fund will utilise the market bargaining power obtained from pooling of funds to enable investors enjoy competitive returns at minimal risk.
The Cordros Money Market Fund will be managed by Cordros Asset Management Limited, a wholly owned subsidiary of Cordros Capital Limited, currently licensed by the Securities & Exchange Commission as a fund/portfolio management company. Since incorporation, The Fund Manager has demonstrated competence in managing clients’ investment needs with its range of products and services.
The Fund Manager is offering 10,000,000 units of N100 each in the Cordros Money Market Fund.
The issue price is N100 per unit. This price will be constant throughout the offer period.
The minimum initial investment for the offer is N10,000 (100 units) while additional investments shall shall be N5,000 (50 units) thereafter.
Minimum holding period is 30 days (1 month).
Interested investors should carefully read the Prospectus. Interested investors will be required to complete the application form contained in the Prospectus specifying the number of units being applied for. Completed forms should be returned with a bank draft or cheque drawn in favour of Cordros Money Market Fund to any branch of Access Bank PLC, or the offices of Cordros Asset Management Limited or Vetiva Capital Management Limited. Your name, contact address and daytime phone number must be written at the back of the bank draft or cheque).
Every Unit-Holder is entitled to a Statement of Unit Holding in respect of the number of units held by him/her in the Fund.
You will receive a statement of account on a quarterly basis. Additionally, Unit Holders can visit the Fund Manager’s website (www.assetmanagement.cordros.com) to monitor end-of-day market prices of the Fund
The fund would invest in between 10%-60% of its total assets in fixed deposits, 25%-80% in short term government securities such as Treasury Bills and 10%-65% in other money market instruments
Payment above N10 million should be transferred via RTGS into the issue proceeds account domiciled with the Receiving Bank (details of which are included on the back of the application form).
The return on the Fund is a function of prevailing interest rates in the Nigerian Financial Market. The Fund Manager has no influence over changes in interest rate. Accordingly it is impossible to guarantee any particular rate of return on the investment. However, the Fund Manager will strive to generate competitive returns to unit-holders.
The Fund Manager intends to declare dividends and make distributions from the net income of the Fund on a quarterly basis to unit-holders. Unit-holders can elect to receive their dividend in cash or reinvest their dividends in new units at the Offer Price. .
Unit-holders can sell their units in the Fund after the initial 30-day holding period. Unit-holders will be required to redeem units online or complete a Redemption Form and return the proof of investment to the Fund Manager. Once these documents have been verified, the redemption request will be processed within five (5) business days. Minimum permissible holding after partial redemption is N5,000 or such balance as advised by the Manager from time to time