Following the clearance of its offer documents by the Securities & Exchange Commission, Cordros Asset Management Limited (CAML) has inaugurated its proposed ‘Milestone Funds 2023 and 2028’.
Speaking at the ceremony, which held in Lagos, the GMD Cordros Capital Limited, Wale Agbeyangi said “The Cordros Millstone Fund 2023 and 2028 are target date mutual funds, which pursues a long-term investment strategy to manage the asset allocation (mix of asset classes) of the fund, to become more conservative as the target dates (2023 & 2028) approach.
Globally, Target Date mutual funds have become increasingly popular and at the end of 2017, the Investment Company Institute (ICI) estimated a total of $1.1 trillion was invested in these funds worldwide. It is surprising but also laudable that the Cordros Milestone Fund 2023 and 2028 are the first set of target date mutual funds to be launched in Nigeria.
This represents a significant achievement for not just Cordros but the entire capital market. The Funds, which are initiatives of our asset management subsidiary is a strategic move aimed at providing products, which cater to the retail segment of the economy. These are specially designed to provide for individuals and corporations saving towards a target.”
The Acting CEO, Cordros Asset Management Limited, Leye Adekeye, said: “We are indeed excited at the prospects that the Funds hold. The Milestone Funds are balanced funds and will have a mix of Equities, Fixed Income and Money Market instruments.
The funds will start out seeking capital appreciation and will become more conservative by seeking capital preservation towards their target dates. “Opportunities abound in the capital markets and these funds will ensure we are leveraging these opportunities and providing diversification for our clients.
We will like to encourage individuals saving towards different goals and targets to take advantage of the professional fund management when the offer opens.”
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