By Udeme Ekwere

Wednesday, 20 Oct 2010

BGL Asset Management Limited has secured the approval of the Securities and Exchange Commission to inaugurate two open-ended mutual funds.

The two funds- BGL Nubian Fund and BGL Sapphire Fund have been created by the company to help investors diversify their portfolio.

The company in a statement on Tuesday, noted that the BGL Nubian Fund, positioned to invest primarily in the equities market, was offering 500,000,000 units for subscription at N1 per unit.

It added that the BGL Sapphire Fund was a fixed income fund which guaranteed the principal investment, and was offering 2,000,000,000 units for subscription at N1 per unit.

It quoted the Director, BGL Asset Management, Mr. Chibundu Edozie, as saying that, ”the Nubian Fund has been targeted at investors with higher appetite for risk in their investment strategy to take advantage of medium to long-term growth anticipated in the Nigerian equities market.

He continued, ”The Sapphire fund has developed for investors with lower appetite for risks in their investment strategy, given the relatively safe and stable outcome of investing in Fixed Income Instruments.”

The Fund which opened on October 11, 2010, will be on offer till November 17, 2010, and would be listed on the Nigerian Stock Exchange at the conclusion of the allotment process.

Source: Punch