EDC Investments Limited (EIL), the Ghana asset management subsidiary of the Ecobank Group has launched an Initial Public Offering (IPO) for its third collective investment scheme – the EDC Money Market Fund (MMF).

The objective of the Fund, according to managers is to maximize income in line with prevailing Ghanaian money market rates while aiming to preserve capital and to maintain a high degree of liquidity.

The Fund will invest in a broadly diversified portfolio of short-term, high-quality money market securities and is available for subscription by individuals and institutions.

Individual investors can subscribe for a minimum initial amount of 100 Ghana Cedis and institutional subscribers for GH¢50,000 Ghana.

Units in the fund are being offered for GH¢1 during the IPO period which runs until 18th July 2016, after which investors will have the opportunity to invest in the fund at the existing Net Asset Value (NAV) per unit on the day of purchase.

A unique feature of the Fund is the distribution of its net income on a quarterly basis to unit holders who would then have the option to decide to be paid immediately or reinvest their distributions in new units, pegged at the relevant daily NAV. This is the first collective investment scheme which provides investors with this option.

“As an institution, we are strategically positioning ourselves to roll out several country specifics and Pan-African funds spanning different asset classes, disciplines, and styles to address client needs”, EIL’s Managing Director, Kesseih Antonio said.

He added that his outfit aims to make financial expertise broadly accessible and effective in helping individuals and corporates in meeting their financial goals.

The EDC Money Market Fund is the most recent collective investment scheme that Ecobank’s Asset Management business has launched in Africa with assets under management in these schemes amounting to $310 million.

In Ghana, two of these schemes, the EDC Ghana Balanced Fund and the EDC Ghana Fixed Income Fund have a combined Net Asset Value of Gh¢135 million.