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FMDQ lists pioneer Money Market Fund

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By Nkiru Nnorom

Lagos—FMDQ OTC Securities Exchange Plc yesterday listed 20 million units of the Greenwich Plus Money Market Fund, the pioneer money market fund, on its platform for trading.

The listing at the FMDQ followed a successful Initial Public Offer, IPO, which was over subscribed by 44.85 per cent.

Speaking at the memorandum listing ceremony in Lagos, Mr. Bola Onadele. Koko, Managing Director/CEO, FMDQ, commended the Fund Manager on its choice of securities exchange for the memorandum listing and reiterated the Exchange’s commitment to facilitate growth and development in the Nigerian debt capital market (DCM).

“In presenting an attractive and efficient platform for issuers/fund managers to list their money market and fixed income mutual funds, FMDQ, as a front-line regulator and an information repository, provides governance and ensures continuous disclosure/dissemination of key information on all funds listed on its platform, thus, improving information transparency while promoting credibility of the funds towards a more globally competitive DCM,” Onadele said.

Also speaking at the event, Mr. Dayo Obisan, Managing Director, Greenwich Asset Management Ltd, said the over-subscription was a demonstration of confidence on Greenwich brand by investors.

File photo: The  floor of Stock exchange
File photo: The floor of Stock exchange

“Our choice to list the Greenwich Plus on FMDQ as the first collective investment scheme on its platform is a deliberate strategy to promote the transparency and visibility of the Fund, and be the pioneer mutual fund that would encourage others to be listed. The Greenwich Plus recorded the highest level of subscription at its IPO after subscribers demonstrated confidence in the Greenwich brand by over-subscribing to the IPO by 44.85 per cent. The Fund remains open and its core objectives are to achieve a competitive rate of return and generate a steady stream of income for unitholders,” he said.

In his remarks, Mr. Kayode Falowo, Managing Director, Greenwich Trust Ltd, said the listing was great feat in view of recent economic and financial market conditions. He noted that the listing was remarkable to Greenwich Trust Group, adding that 48 per cent over-subscription attests to the confidence investors have in the capability of the Fund Manager, Greenwich Asset Management.

According to the Vice President & Divisional Head, Marketing & Business Development at FMDQ, Ms. Tumi Sekoni, “Meeting the crucial requirements of FMDQ’s stakeholders is of key importance to the Exchange and as such, FMDQ strives to continually look for ways in which it can provide added value to these stakeholders.

FMDQ provides benefits to funds listed on its platform, including but not limited to, global visibility through the dedicated ‘Funds’ page on the Exchange’s corporate website and transparency to the funds through their inclusion in the FMDQ Daily Quotations List. FMDQ will also spearhead initiatives targeted at improving liquidity of the funds. All these and more will result in a well-regulated market, which will boost the confidence of investors (domestic and foreign) and serve to further develop the Nigerian financial market.”



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