Jubilee Asset Management Launches a USD Money Market Fund, Opening Doors to Dollar-Denominated Investments for Local & Foreign Investors
Nairobi, Kenya – Wednesday, August 7th 2024 Jubilee Asset Management Limited (JAML) has launched a USD Money Market Fund dubbed Jubilee Money Market Fund (USD).
The Jubilee Money Market Fund (USD) caters to risk-averse investors seeking stable and predictable US dollar-denominated returns, aiming to maximize returns in USD while maintaining a high degree of liquidity. The Fund invests in secure USD-denominated short-term fixed and floating rate debt securities issued by sovereigns and corporates in Kenya or offshore. It also offers high liquidity, allowing withdrawals within two working days and providing quick access to funds when needed.
This launch aligns with Kenya’s ongoing efforts to attract both local and foreign investors. Key factors driving investment decisions include exchange rate stability, inflation, GDP growth rate, corruption index, tax incentives, ease of doing business, and political stability. The latest Foreign Investment Survey by the Kenya National Bureau of Statisticcs (KNBS) reveals that the bulk of the stock of Foreign Direct Investments (FDI) into the East African Community (EAC) was held in the Financial and Insurance Services Sector, accounting for an average of 33.5 per cent of the total stock of FDI in 2018 and 2019.
Speaking during the launch of the Jubilee Money Market Fund (USD), Jubilee Holdings Group CEO Dr. Julius Kipngetich said that Jubilee Money Market Fund (USD) will play a crucial role in solidifying the position of Jubilee Asset Management Limited as a market leader and provide investors with the tools they need to achieve their financial goals effectively in an increasingly complex economic landscape. The Fund targets investors seeking exposure to US dollar-denominated near cash interest-bearing assets to hedge against currency risk. It is also aimed at those looking for competitive returns on investment in the short to medium term, with capital preservation and liquidity being a priority.
Additionally, the Fund appeals to investors wishing to switch from a high-risk to a low-risk portfolio, to hedge against market volatility, and those seeking to take advantage of the high US Dollar interest rate environment. The Chief Executive Officer of Jubilee Asset Management Limited Mr. Dominic Kiarie; while giving his remarks during the launch event, reiterated that the Fund would open up a wealth of opportunities for local and foreign investors to diversify their income and investments through dollar-denominated options. The fund benchmarks return on the 1-Month USD Secured Overnight Financing Rate (SOFR) will have a minimum initial investment amount of $1,000 and the income distribution will be done monthly to investors. The minimum top-up amount will be USD 500.
About Jubilee Asset Management Limited (JAML)
Jubilee Asset Management Limited (JAML) is a premier Asset Manager that offers differentiated investment products and solutions across core assets, alternative assets and across all market cycles. Our clients include institutions, High Net Worth Individuals (HNWI) and retail clients. Our differentiated investments products and solutions include Insurance Fund Management, Segregated Portfolio Management, Unit Trusts, Alternative Investments, Offshore Investments and Structured Investment Products.
