FMDQ lists Greenwich Plus Money Market Fund on its platform

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FMDQ OTC Securities Exchange on Monday listed on its platform, 20 million units of the Greenwich Plus Money Market (Open-Ended) Fund, the pioneer money market fund.

At the listing in Lagos, Mr Dayo Obisan, the Managing Director, Greenwich Asset Management Ltd., said that the company decided to list the first collective investment scheme on FMDQ to promote transparency.

“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,” Obisan said.

He said that the listing of the pioneer mutual fund would encourage others to seek listing on FMDQ platform.

Obisan noted that Greenwich Plus recorded the highest level of subscription at its Initial Public Offering (IPO) after subscribers demonstrated confidence in the company.

He stated that the IPO was over-subscribed by 44.85 per cent, adding that the fund remained open for investors.

Obisan said that the fund’s core objectives were to achieve a competitive rate of return and generate a steady stream of income for unit holders.

Mr Bola Onadele, FMDQ Managing Director, commended the fund manager on its choice of securities exchange for the memorandum listing.

Onadele reiterated the exchange’s commitment to facilitate growth and development in the Nigerian Debt Capital Market (DCM).

He said that FMDQ would continue to present an attractive and efficient platform for issuers/fund manager to list their money market and fixed income mutual funds.

FMDQ, as a frontline regulator and an information repository, provides governance and ensures continuous dissemination of key information on all funds listed on its platform,” he said.

Onadele added that the platform would improve information transparency and promote credibility of the funds toward a more globally competitive DCM.

Mr Kayode Falowo, Group Managing Director, Greenwich Trust Ltd., described the listing as a feat in view of recent economic and financial market conditions.

Falowo said that FMDQ was remarkable to the group, being the first mutual to be listed on its platform.

“We believe that the 48 per cent over subscription attests to the confidence investors have in the capability of the Fund Manager, Greenwich Asset Management,” he said.
He encouraged investors – retail, institutional and Pension Fund Administrators (PFAs) – to invest in the fund as a means of portfolio diversification.
Ms Tumi Sekoni, Vice President & Divisional Head, Marketing & Business Development, FMDQ, said that meeting the crucial requirements of FMDQ’s stakeholders was key importance to the exchange.

Sekoni stated: “FMDQ strives to continually look for ways in which it can provide added value to these stakeholders.”

She said that FMDQ would also spearhead initiatives targeted at improving liquidity of the funds in a well regulated market to boost investor confidence.

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