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See the new fund managers of 13 investment schemes whose licenses were revoked

BY: Kweku Zurek
See the new fund managers of 13 investment schemes whose licenses were revoked
See the new fund managers of 13 investment schemes whose licenses were revoked

The Securities and Exchange Commission (SEC) has published a list of 13 Collective Investment Schemes comprising 11 Mutual Funds and two Unit Trusts who have appointed new fund managers following the revocation of their licenses.

Per the SEC update issued on May 15, 2020, it was notified of the appointment of the new fund managers by the Directors and Trustees of the defunct fund managers.

New managers

The SEC update indicates that Linx Capital Limited is the new fund manager of the CDH Balanced Fund Limited, Waica Re Capital Limited now manages the Sirius Opportunity Fund Limited and TTL Capital Limited now manages both the First Fund Limited and the Firstbanc Heritage Fund Limited.

OctaneDC Limited is the new manager of the Galaxy Balanced Fund Limited and the Galaxy Money Market Fund Limited, IGS Financial Services Limited now manages three different funds namely; Ideal Sika Fund Limited, Omega Equity Fund Limited and the Omega Income Fund Limited, EcoCapital Investment Management Ltd now manages Nordea Income Growth Fund Limited, Nimed Capital Limited now manages the Alltime Bond Fund Limited and the First Finance Company Limited are the new managers of both the Unisecurities Unit Trust and the Gold Fund Unit Trust.

Meanwhile, the SEC says the Directors and Trustees of four collective investment schemes have failed to appoint new fund managers while the Trustee of EM Balanced Unit Trust, Universal Merchant Bank Limited has been directed by the SEC to liquidate EM Balanced Unit Trust.

The four companies are; the Gold Money Market Fund Limited, Weston Oil and Gas Fund Limited, Freedom Fund Unit Trust and the McTrust Unit Trust.

The SEC has however assured that it shall engage the fund managers to resolve the issues.


"In accordance with Act 929, the SEC shall engage the respective Directors and Trustees, in the interest of investors in order to determine other possible courses of action for shareholders/unitholders of the Mutual Funds/Unit Trusts and same shall be communicated in due course," the update said.

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Firstfund/Firstbanc

Graphic Online can confirm that investors of the First Fund Limited and the Firstbanc Heritage Fund Limited have been SMS messages by TTL Capital regarding the reconciliation of their investments.

"Dear Client, reconciliation of First Fund is on-going. We will notify you when the process is completed. For enquiries call 0307002624 or 0577680810," a text message sent by TTL to investors reads.

Background

It will be recalled that on Friday, November 8, 2019, the Securities and Exchange Commission (SEC) withdrew the licenses of 53 fund management companies.

The SEC said the affected companies failed to return client funds which remained locked up in, contravention of the investment rules.

“Essentially, they have failed to perform their functions efficiently, honestly and fairly and in some cases are in continuing breach of the requirements under relevant securities laws, rules or conditions, despite opportunities provided to them by the SEC within a reasonable period of time to resolve all regulatory breaches,” an SEC statement said.

See the SEC update below;