A subsidiary of the IDEAL Group, IDEAL Capital Partners, has unveiled its latest open-ended money market mutual fund dubbed, ‘IDEAL Sika Fund.’
The IDEAL Sika Fund, BUSINESS GUIDE gathered, is offering a minimum of one million shares at GH¢0.20 per share in the Initial Public Offer (IPO).
It intends to provide regular income while preserving capital and maintaining liquidity at all times by investing in a diversified portfolio of high quality fixed income securities and other money market instruments.
The IPO, which started on Thursday, 9th March 2017, is expected to end on Wednesday, 29th March, 2017 during which investors can purchase a minimum of 250 shares at GH¢50 and thereafter in multiples of 50 shares at GH¢10.
The Fund is open to individuals, corporate institutions, associations, investment clubs, religious organizations, educational institutions, provident funds, pension funds and other mutual funds that are interested in high regular income to meet short-to-medium term financial needs, among others.
Speaking at the launch of the Fund on Thursday in Accra, Managing Director (MD) of IDEAL Capital Partners, Emmanuel N.A Tackie said, “Ideal Sika Fund, as a collective investment scheme or as a company, is a money market mutual fund which seeks to pool funds from a wide range of investors, without exception, to be professionally managed in a diversified pool of money market instruments which seek to outperform the benchmark risk-free rate for maximum returns.”
IDEAL Sika Fund has been endorsed by the Security and Exchange Commission (SEC). The Acting Commissioner of SEC has appealed to the fund managers to be prudent in managing the funds from the investing public.
By Melvin Tarlue