By Bankole Orimisan
FILE PHOTO: A packet of U.S. five-dollar bills. REUTERS/Gary Cameron
An Integrated Financial Services Group, Norrenberger, has initiated a product called ‘Norrenberger Dollar Fund’ designed to assist investors to hedge their savings against devaluation.
The Norrenberger Dollar Fund, which was 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 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.
Speaking on the new offer, the Group Managing Director, Tony Edeh, said: “We have a very clear mission to create financial asset classes targeting the needs of every single household in Nigeria. By 2025, we hope to have delivered at least one financial solution to every household.”
According to him, the new fund comes to help investors diversify portfolios while helping those with US Dollar obligations hedge against currency risk.
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