FMDQ

Pioneer Memorandum Money Market Fund Listing on FMDQ Posted on: November 22, 2016

Pioneer Memorandum Money Market Fund Listing on FMDQ. As a debt-capital focused securities exchange, bringing the Nigerian fixed income market operations under a single governance structure, FMDQ OTC Securities Exchange (“FMDQ” or the “Exchange”), yesterday, welcomed the pioneer memorandum money market fund listing to its platform – The Greenwich Plus Money Market Fund (“the Greenwich Fund”).

To commemorate this occasion, FMDQ hosted the Fund Manager, Greenwich Asset Management Ltd., represented by its Managing Director, Mr. Dayo Obisan; and FMDQ’s Registration Member (Listings) and sponsor of the Fund on FMDQ’s platform, Greenwich Trust Ltd., represented by its Group Managing Director, Mr. Kayode Falowo, to a Ceremony. In FMDQ’s typically unique and impressive fashion, the Ceremony was marked by highlights which included the special autograph impression by the guest of honour, the Fund Manager, the unveiling of a plaque in favour of the Fund Manager, the signing of the FMDQ Funds Memorandum Listing Register by the Fund Manager and sponsor; and the presentation of the FMDQ Funds Memorandum Listing Certificate to the Fund Manager, among others.

Commenting on this memorandum listing, Mr. Bola Onadele. Koko, Managing Director/CEO of 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). According to Mr. Onadele, “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 whilst promoting credibility of the funds towards a more globally competitive DCM.

Ahead of signing the FMDQ Funds Memorandum Listing Register, Mr. Dayo Obisan, during his special address noted that “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%. 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”.

Following the presentation to the Registration Member (Listings), Mr. Kayode Falowo stated that “This is a great feat in view of recent economic and financial market conditions. Being the first mutual to be listed on this great platform, FMDQ, is remarkable for us all in the Greenwich Trust Group. We believe that the 48% oversubscription attests to the confidence investors have in the capability of the Fund Manager, Greenwich Asset Management. As such, we encourage all investors; retail, institutional and PFAs to invest in the Greenwich Plus Money Market Fund, as a means of portfolio diversification, and enjoy competitive returns on your investment”

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.

By continuing to refine its processes and strategic innovations, FMDQ, continues to make essential strides towards the development of the Nigerian debt capital and other markets within its purview; and this pioneer memorandum listing on its platform marks yet another milestone in this certain development.

 
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