The Nigerian Stock Exchange (NSE) has admitted 50 million units of Abacus Money Market Fund at the price of N100 by way of memorandum listing.
The Abacus Money Market Fund is open-ended and particularly suited for investors seeking preservation of capital and short-term competitive return.
The Abacus Money Market Fund was authorised and registered by the Securities and Exchange Commission (SEC) on November 28, 1990 as Abacus Unit Trust Scheme. Investment One Funds Management Limited was later appointed by the trustee and approved by SEC in 2014 to act as fund manager to the fund. The Managing Director of Investment One Funds Management Limited, Mrs. Tope Omojokun, stressed the need for increased retail investors’ participation in mutual funds. She noted that the Abacus Money Market Fund invests in asset classes that offer investors steady income.
“The Abacus Unit Trust Scheme was one of the oldest mutual funds in Nigeria and after the successful EGM in December 2016, we obtained approval from unitholders to convert to a money market fund, which is being listed at the exchange today.”