Berkshire Asset Management launches N2 billion money market fund

Berkshire Asset Management Limited has launched the Berkshire Money Market Fund, an open-ended unit trust offering two billion units at N1 each. Registered with the Securities and Exchange Commission (SEC), the fund is designed to provide capital preservation, liquidity, and income generation by investing primarily in short-term, investment-grade money market instruments.

Subscriptions are open to retail investors, high-net-worth individuals, and both domestic and foreign institutional investors. The minimum initial investment is set at 10,000 units (N10,000), with subsequent investments required in multiples of 5,000 units. The fund’s performance will be benchmarked against the average yield on 91-day Nigerian Treasury Bills.

Managing Director and CEO Adetola Odusote stated that the fund aims to leverage technology to democratize investment by pooling small amounts of cash from individuals to access low-risk debt instruments. The fund’s service providers include CFG Africa Trustees Limited as trustee, Rand Merchant Bank Nigeria Limited as custodian, and Cordros Registrars Limited as registrar.