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By Henry Uche
Amidst Nigeria’s hostile socioeconomic and political environment, an integrated financial services group, Norrenberger, has launched its Dollar Fund, designed to help investors hedge against currency risks and save them from the eroding effects of inflation and devaluation.
At the official launch in Abuja recently, the Group Managing Director of the company, Mr. Tony Edeh, who made this known said: “We have a very clear mission: To create financial asset classes targeting the need of every single household in Nigeria. By 2025, we hope to have delivered at least one financial solution to every household.
“The launch of the Norrenberger Dollar Fund comes at the right time to help investors diversify their portfolio while also helping those with US Dollar obligations hedge against currency risk”, he noted.
Commenting on the launch of the product, Business Head, Asset Management, Mrs. Abigail Utomi affirmed that the objective of the Fund was to provide investors with the opportunity to invest in dollar-denominated instruments that helps to mitigate the eroding effects on their investments due to the constant devaluation of the local currency, Naira.
“Investors can enjoy significantly higher returns than the average domiciliary account.The Fund is targeted at retail and high net worth individuals, corporates, institutional investors and Africans in diaspora who desire exposure to Dollar denominated Fixed Income Securities, she maintained.
More to note is, the Norrenberger Dollar Fund, approved by the Securities and Exchange Commission (SEC) is an open-ended mutual fund designed to provide investors with capital appreciation and diversification. The Fund invests in highly liquid investments that provide liquidity to investors.
The Fund will invest in Eurobonds issued by governments and corporates and Dollar denominated Money Market Instruments and cash.
Also, the Fund has a minimum subscription amount of $500 and an additional subscription amount of $100 which means that investors can add to their investments at any time.
The Fund will open for subscription on Monday, December 19th, 2022.
Norrenberger is the Fund Manager of two other mutual funds registered and approved by the SEC, the Norrenberger Money Market Fund and Norrenberger Islamic Fund.
Norrenberger is an industry leading, Integrated Financial Services group offering Asset Management, Investment Banking, Pensions, Insurance and Securities trading services. Its component companies are licensed by the Securities & Exchange Commission (SEC), National Pension Commission (PENCOM) and National Insurance Commission (NAICOM).
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L-R: Head, Wealth Management, Norrenberger, Amarachi Okafor; Group Chief Finance Officer, Nkiru Chime; Chairman, Ibrahim Aliyu; Group Managing Director, Tony Edeh and Business Head- Asset Management, Abigail Utomi, at the official launch of the Norrenberger Dollar Fund.
