STANBIC IBTC TRUST FUND LISTED, EYES TOP 40.

Stanbic IBTC Asset management pension trust fund (SIAML pension ETF 40) was formally listed on the Nigerian stock exchange yesterday, January 24, with eyes fixed squarely on the top 40 listed companies as per NSE pension index.

Listed were 10m units at par of N100 each to be invested on behalf of unit holders with hope that 90% of net earnings shall be distributed to holders every quarter. The right is reserved though for such distributed earnings to be reinvested and new units issued in lieu.

The fund currently has net asset value of N580.3m and minimum units expected to be taken up by individual investors is 10,000 and multiples.

It is an open ended fund which investors can exit and enter into at any time through buy and sale options at the floor of the exchange.

The authorised dealer for the fund is Stanbic IBTC Stockbrokers while investor can buy or sell through stockbrokers of choice.

The fund manager is Stanbic IBTC Asset Management ltd (SIAML) and their strategy is to invest 100% of available money on the top 40 companies as reviewed and reflected through the NSE pension index on first trading day of each year.

Right now, the Pension index is dominated by financial services and related equities(12); followed by consumer goods companies (10); and from a distance, oil and gas companies (6).

Agriculture, Insurance, conglomerates and industrial sectors have two listings each amongst the top 40 by market capitalisation and liquidity.

Since its introduction, though, the NSE pension index had lost 20.86% compared to 17.91% decrease by All share index within the same period due to bearish expectations as Nigeria struggles to get out recession.

For the fund, the custodian bank is Chartered bank; while FBN Trustees Ltd are the trustees and the issuing house is Stanbic IBTC.


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