Union Trustees Mixed Fund has declared dividends of two kobo per unit and five kobo per unit based on the audited financial statements for 2009 and 2010, respectively, for unit holders of the Fund.  This translates to N31,905,798 and N79,928,495 respectively.

The unit holders converged for the inaugural Annual General Meeting of Union Trustees Mixed Fund held in Lagos, recently to receive the reports and financial statements for the years ended April 30, 2009 and April 30, 2010.

According to the financial statements, the Mixed Fund generated net incomes after taxation of N267,163,439 and N156,354,633 in years 2009 and 2010, respectively, while earnings per unit in years 2009 and 2010 stood at seven kobo and ten kobo, respectively.

Also, the net asset value of the Mixed Fund stood at N1,950,956,618.74 as at November 30, 2010, after taking into account the total dividends of N111,834,294 while the initial figure on commencement was N4,023,044,900.  The drop in volume was brought about by redemptions by some unit holders.

Mrs. Oluseyi Olufunke Aiyepola, Managing Director/Chief Executive of Union Trustees Limited, observed that the low performance of the Mixed Fund in year 2010 could be attributed to the crash in the capital market, which adversely affected the Fund’s investments, and the crash in the money market, which also affected the returns on investment in the sector. She stressed that barring unforeseen circumstances, much better returns were expected next year than had been achieved this year, considering Union Trustees pedigree in managing huge investments successfully.

Mrs. Aiyepola also noted that the regulatory authorities were doing their best to stabilize the market, adding that this should boost the confidence of the investors. She stated that the establishment of the Asset Management Company of Nigeria (AMCON) was expected to rejuvenate the capital market and consequently the performance of the Fund’s investments in the sector.  “The money market has begun to improve and this will also positively impact on the Fund”, she added.

The Fund opened for subscription in 2007 and commenced investment activities in 2008.  It is an open ended Unit Trust or Mutual Fund Scheme, which provides unit holders access to investments in approved portfolio. It is under the management of Union Trustees Limited, with UBA Trustees Limited as Trustees.