Stanbic Bank launches Investment Fund
Stanbic Bank on Wednesday launched an open–ended unit trust fund to be primarily invested in fixed income securities.
Dubbed: “Stanbic Income Fund,” the Initial Public Offer will run between December 15 and January 6, 2011 and investors can buy a minimum of 20 units and in multiples of five units thereafter.
Speaking at the launch, Mr Emmanuel A. Asiedu, Head of Stanbic Investment Management Services (SIMS), said the Fund sought to maximize short-term income as well as long-term sustainable returns and capital appreciation.
SIMS is registered with the Securities and Exchange Commission to provide portfolio management and investment advisory services.
He said the Fund would focus on investment in fixed income securities including bonds, notes, treasury bills, commercial paper, placement with financial institutions listed and unlisted and issued by governmental, quasi-governmental and corporate issuers across Africa.
“Common or preferred shares including convertible preferred shares including convertible preferred shares, debentures convertible into common or preferred shares, share purchase warrants or rights, equity interests in trusts, joint ventures are also investment options available to the fund,” he said.
Mr Asiedu said after the offer period, additional units in the Trust would be created and purchased on demand by subscribers on an ongoing basis at a price computed in accordance with the terms of the Scheme particulars.
“The Trust will reinvest all investment income earned or received. Investors in the Trust will benefit from the capital appreciation of the unit price,” he said.
Dr Joyce Aryee, Chief Executive Officer, Ghana Chamber of Mines, who launched the Fund, said investing in products such as the SIF would no doubt generate the wealth needed for development.
He urged the public to set aside part of their income by taking advantage of the opportunities provided by the fund to invest and reap the benefits that came with it.