ACAP acquires Oceanic Bank's stake in Oceanic Vintage Fund

Alternative Capital Partners Limited has acquired the fund management interest of Oceanic Bank International Plc in the Oceanic Vintage Fund.The move has resulted in the first ever acquisition and transfer exercise of a unit trust scheme registered with the Securities and Exchange Commission.The fund will remain listed on the memorandum quotation of the Nigerian Stock Exchange.A statement on Tuesday explained that the acquisition was ratified at an annual general meeting of the company.Oceanic banks move is part of measures aimed at complying with the directive of the Central Bank of Nigeria asking banks to divest their holdings in non-core banking operations.At the AGM, unit holders were formally notified of the voluntary retirement of Oceanic Bank as fund manager to the Oceanic Vintage Fund.The statement explained that an Extraordinary General Meeting of the Oceanic Vintage Fund was also held on the same day upon completion of the AGM where the necessary transfer documents were executed. At the EGM, unit holders unanimously approved the resolutions to reposition the fund under the management of the new fund manager, ACAP.ACAP, a SEC registered fund/portfolio manager and corporate investment adviser, has commenced management of the fund having rebranded it to the ACAP canary growth fund.At the EGM, the statement signed by the ACAP Managing Director, Mr. Obinna Onunkwo, explained that the new fund manager assured unit holders that the change heralded the beginning of a more analytical and fundamental based investment approach for the Fund.Consequently, the fund has instituted a new investment policy towards achieving capital preservation and incremental growth.Also corporate governance structures have been strengthened with the appointment of United Bank for Africa Plc (Global Investor Services) as the Fund Custodian as well as an independent member of the Fund investment committee.The Fund has also restructured its investible asset classes to include real estate and fixed income securities with quoted equity investments restricted to companies with good technical fundamentals and strong growth prospects.Recently, investors have commended SEC efforts towards strengthening the capital market while providing investors with diversified investment outlets. However, they have also asked that SEC puts in place strategies towards ensuring that retail investors are able to investment in professionally managed collective investment schemes (unit trust scheme/mutual funds).
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