Stanbic IBTC Asset Management has announced a change in minimum dollar fund subscription amount to $1,000 for its Foreign Currency (FX) denominated mutual fund.
“We are pleased to inform you that effective 15 December 2020, the minimum subscription amount for the Stanbic IBTC Dollar Fund account is USD1,000.00 (one thousand dollars) while minimum subsequent subscriptions into the Fund account is USD500.00 (five hundred dollars),” Stanbic IBTC said in a mail to clients seen by MoneyCentral.
Stanbic said that cash payment is NOT an acceptable form of subscription, while all inflows received before noon on business days will be given value the same day while inflows that are received after noon will be given value the next business day.
The Stanbic IBTC Dollar Fund is an open-ended Unit Trust Scheme that invests in US dollar denominated securities. Stanbic has grown earnings on the back of its rising asset management business.
Stanbic Dollar Fund aims to provide currency diversification, income generation, and stable growth in USD. It seeks to achieve this by investing a minimum of 70 percent of the portfolio in high-quality Eurobonds, a maximum of 25 percent in short term USD deposits, and a maximum of 10 percent in USD equities approved and registered by the Securities and Exchange Commission of Nigeria.