SEC releases list of 13 managers to handle accounts of revoked investment schemes

- The Securities and Exchange Commission (SEC) has released a list of fund managers who would oversee the operations of previous managers whose licenses were revoked

- They are made up of 11 Mutual Funds and two Unit Trusts

- A number of them have been tasked to take charge of more than one investment scheme

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The Securities and Exchange Commission (SEC) has published a list of 13 new fund managers with regard to investments managed by companies whose licenses have been revoked.

The newly appointed managers comprise of 11 Mutual Funds and two Unit Trusts.

Per the statement released by SEC, Linx Capital Limited is the new fund manager of the CDH Balanced Fund Limited and Waica Re Capital Limited now manages the Sirius Opportunity Fund Limited.

READ ALSO: SEC revokes licenses of five investment companies

It added that TTL Capital Limited now manages both the First Fund Limited and the Firstbanc Heritage Fund Limited.

Per a report by graphic.com.gh, OctaneDC Limited is the new manager of the Galaxy Balanced Fund Limited and the Galaxy Money Market Fund Limited, while 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 has been tasked to manage Nordea Income Growth Fund Limited and Nimed Capital Limited now manages the Alltime Bond Fund Limited.

First Finance Company Limited are the new managers of both the Unisecurities Unit Trust and the Gold Fund Unit Trust.

YEN.com.gh earlier reported that the SEC has revoked the licenses of 53 fund management companies with effect from Friday, November 8, 2019.

These include Ndoum Gold Coast Security. FirtBanc, Beige Capital Asset management, Liberty Asset Management Limited, and others.

According to SEC, these actions were taken pursuant to Section 122 (2) (b) of the Securities Industry Act, 2016 (Act 929 or “the Act”) which authorizes the commission to revoke the license of a market operator under a number of circumstances.

READ ALSO: BoG revokes licenses of 23 savings and loans companies

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Source: YEN.com.gh