FMDQ Exchange Admits the First Ally Asset Management Limited Money Market Fund to its Platform FMDQ Exchange, through its Board Listings, Markets and Technology Committee, approved the listing of 1.50 billion units of ₦1.00 each of the First Ally Asset Management (FAAM) Limited Money Market Fund (the FAAM Fund or the Fund) to its platform. The FAAM funds is an open-ended money market investment scheme that seeks to provide income, consistent with capital preservation and liquidity.
To commemorate this listing, the Exchange welcomed and specially hosted representatives of the issuer led by Mr. Biodun Arokodare, Chairman, Board of Directors, FAAM Limited; the lead issuing house and sponsor of the FAAM Fund on FMDQ Exchange, led by Mr. Ebenezer Olufowose, Managing Director, First Ally Capital Limited; and other parties to the issue including solicitors and trustees; to Exchange Place. Welcoming the guests to the ceremony, Ms. Tumi Sekoni, Associate Executive Director, Capital Markets, FMDQ Exchange, congratulated the issuer and the sponsor to the issue, for having successfully listed the FAAM funds on FMDQ Exchange. From global visibility to governance, the FAAM Funds will join a host of other securities listed on the Exchange to benefit from the value-add and tailored service which listing on the FMDQ Exchange avails.
Speaking during his special address, Mr. Biodun Arokodare, Chairman, Board of Directors, FAAM Limited stated that the listing of the FAAM Money Market Fund on FMDQ Exchange enhances liquidity, transparency and professional management of the Fund. He went on to add, “We thank our Investors, Shareholders, Directors and Staff for their commitment to providing innovative products and service that will ensure we remain a partner of choice to our target clientele”.
Commenting on behalf of the Registration Member (Listings) of FMDQ Exchange and sponsor of the Fund on the Exchange, Mr. Ebenezer Olufowose, Managing Director, First Ally Capital Limited, during his brief remarks, stated that “As the parent company of First Ally Asset Management Limited and the Issuing House for its Money Market Fund, we are delighted with the over-subscription of the Fund. It is pleasing to know that over 70% of the FAAM Money Market Fund investors applied for 1,000,000 units and below”. He concluded that, “We shall continue to explore innovative products that appeal to retail investors whilst providing bespoke services to our institutional investors and high net-worth individuals”.
As a budding and systemically important financial market infrastructure, FMDQ, driven by innovation, collaborative relationships and technology, is positioned to bring revolutionary changes in the Nigerian financial market through its exchange, clearing and depository infrastructures; providing a seamless process and value-chain for the markets to execute, clear and settle their transactions.