Gold Coast Holding Company, a full-service investment bank under Groupe Nduom, has decided to stop issuing fixed-term/guaranteed returns to clients beginning Monday, October 22, 2018.
This, according to
SEC in June this year ordered fund management companies to stop the practice which was flouting its regulations and gave the companies a 6-month ultimatum window [July 1 - December 31, 2018] to unwind the fixed term investments in their books, and migrate their clients to other options like managed account mandates and collective investment schemes.
SEC ordered that "no such new investments should be made by any fund manager" and that "fund managers should unwind such existing investments on maturity. Maturities beyond the 6-month window will be considered on a case by case basis."
Ghana News Headlines
For latest news in Ghana, visit Graphic Online news headlines page Ghana news page
In a post on Facebook Monday morning,
"We have started compliance to Securities and Exchange Commission (SEC) directive to stop guaranteed return products so from now on, NO MORE SF,"
"For individuals, it has been replaced with a Collective Investment
For the Benefit of the Public about Gold Coast
It is important that we clarify certain facts about Gold Coast Holding Company as follows:
1. Gold Coast companies and products are working and performing very well including pension, provident funds, brokerage, mutual fund
2. Indeed the Gold Fund Unit Trust is the best performing fund of
3. There is only ONE Gold Coast product that is undergoing change and IT IS THE STRUCTURED FINANCE FUND OR SF.
We have started compliance
For individuals, it has been replaced with a Collective Investment
4) Individuals can choose to invest in alternative Gold Coast funds when their investments are paid to them.
The public should note that the practice of keeping
THIS MISUNDERSTANDING OF INVESTMENTS IS WHAT IS CAUSING DISAFFECTION.
If the company has contributed to this, we apologize for it. So we have come up with a program and schedule to return all such funds to the customers. Every affected customer will receive written communication on the change.
NO ONE WILL LOSE A PESEWA OF THEIR FUNDS.