By Aduragbemi Omiyale
An open-ended naira-denominated Unit Trust Scheme worth N1 billion has been launched by Guaranty Trust Fund Managers Limited (GTFML), the asset management subsidiary of Guaranty Trust Holding Company (GTCO) Plc.
The fund, known as the Guaranty Trust Investment Fund 724, has been authorised and registered by the Securities and Exchange Commission, Nigeria (SEC).
The fund manager is offering 10 million units of N100 each for sale to investors, who are interested in diversifying their portfolios and generating steady income to meet their capital needs.
A statement from GTFML disclosed that the scheme aims to distribute the capital growth it generates from a diversified portfolio of money market instruments, including fixed deposits, commercial papers, Nigerian Treasury Bills, and other short-term instruments to subscribers, as it will track 91-day average Nigerian Treasury Bills’ yield of the preceding month.
Intending subscribers can be part of this initiative with a minimum subscription of N1,000, with additional units available in multiples of 10 lots, allowing every Nigerian an opportunity to earn more on their savings along with the flexibility of easy access and withdrawals.
Applications for the fund opened on September 30, 2024.
“We are very excited to bring a retail product that empowers the everyday Nigerian to compound the growth of their savings, whilst retaining the flexibility of withdrawals to meet their everyday needs.
“When most people think about asset management, they think of it as something that is reserved for a privileged few who already have significant financial resources.
“Guaranty Trust Fund Managers hopes to change this narrative with the launch of this retail product, Fund 724, that is designed to provide access to long-term capital growth for the everyday Nigerian, who has as little as N1,000 to save,” the Executive Director and Chief Investment Officer of GTFM Limited, Ms Josephine Essien, said.
“We understand that financial independence is built over time, and our goal is to provide a flexible and transparent platform for wealth creation.
“Fund 724 offers retail customers competitive returns and combines ease of subscription with the flexibility of withdrawals, making it a practical solution for individuals at every stage of their financial journey,” she added.