The management of Union Trustee Mixed Fund has announced a market investment of N1.032bn in the year 2011, representing an increase of N2m or 0.19 per cent over N1.030bn invested in 2010.

The Managing Director, Union Trustee Limited, Mrs. Oluseyi Aiyepola, said at the fund’s Annual General Meeting in Lagos on Friday that the total assets of the fund dropped to N2.024bn in 2011, compared to N2.062bn recorded in 2010.

According to the result presented to fund holders, net increase in unit holders’ funds from investment activities fell to N111.59m in 2011, from N156.354 in 2010.

Trading securities rose to N680.778m in 2011, compared to N565.491m in 2010, while retained earnings also rose marginally to N424.47m in 2011, from N423.518m in 2010.

Aiyepola said, “The fund is registered in Nigeria as a unit trust scheme under Section 125 of the Investment Securities Act and is governed by a trust deed with United Bank for Africa Trustees Limited as Trustee to the fund. The fund is established to provide investors and their beneficiaries and dependants with long term capital appreciation and to optimise investors’ total returns comprising dividend and interest income.”

The fund boss noted that the management fee for the year was calculated at one per cent of the net asset value of the fund before distribution to the unit holders.

She added that it had been calculated to be N20.182m, which represented 15.83 per cent per annum of the gross income for the year in line with the trust deed.

Source: Punch