For those investing in startups through private equity firms or other forms of investment funds, or simply those who pool funds together through legally licensed mutual funds in Ghana, they have come to the end of the road in the meantime. Ghana’s Securities and Exchange Commission has up to 53 licenses belonging to fund managers.
A statement from SEC said the companies did not pay clients’ redemption requests, placed funds in unregulated investments, and many more.
Here Is All You Need To Know
After the revocation, the SEC has published a list of the outstanding fund management companies on its website.
In the publication SEC stated that although 83 fund managers remain after the clean-up, there are 11 companies that have unresolved issues with the regulator.
Below is the list of Funds Managers remaining after the license revocation exercise.
- 10th Capital Investments Limited
- Afina Asset Management
- Africa Trust Capital Limited
- Algebra Capital Management Limited
- Avant Capital Limited*
- Black Star Advisors Limited
- Bora Capital Advisors Ltd.
- Boulders Advisors Limited
- CAL Asset Management Limited
- Capstone Capital Limited
- CBL Investment Services Ltd.
- Chapel Hill Denham Management Ltd.
- Cidan Investments Limited
- Continental Capital limited*
- Cornerstone Captial Advisors Limited
- Crystal Capital & Investment Ltd.
- Dalex Capital Ltd.
- Databank Asset Management Services Limited
- Delta Capital Limited*
- Dusk Capital Limited*
- E.D & Co Capital Partners Limited
- Ecobank Capital Advisors Limited
- EcoCapital Investment Management Limited
- EDC Investments Limited
- EGAS Capital Ltd
- Everbond Financial Services Limited
- Fairnet Capital Limited
- Family Fountain Assets and Securities Limited
- Fidelity Securities Limited
- First Atlantic Asset Management Co. Limited
- First Finance Company Ltd
- Gateway Wealth Management Limited
- GLICO Capital Limited
- Glorygate Capital Ltd.
- Halifax Asset Management
- HMI Management Services Limited
- IC Asset Managers (Ghana) Limited
- IFS Capital Management Limited
- IGS Financial Services Limited
- Intrepid Investment Advisory and Asset Management Limited
- Investa Capital Fund Management Ltd*
- Investcorp Asset Management Ltd
- InvestEye Capital Partners Ltd*
- Investiture Fund Managers Ltd
- Investrust Capital Ltd.
- Linx Capital Limited*
- NA Jones Capital Limited*
- National Trust Holding Company Limited (NTHC)*
- NDK Capital Limited
- New Generation Investment Services Limited
- NewCase Capital Limited
- Nimed Capital Limited
- Octane Sd Limited
- Orialles Capital Ltd
- Oya Capital Ltd
- Parkstone Capital Ltd
- Pent Asset & Wealth Management Ltd.
- PhoenixAfrica Securities Limited
- Premium Place Investments Ltd.
- Prestige Capital Limited*
- Prudential Securities Limited
- RAD Business Advisory Network Centre Ltd
- Regal Alliance Investment Ltd.
- Reliance Capital & Asset Finance Limited
- Renaissance Africa Group Limited
- Republic Investments (Ghana) Limited
- Salem Financial Services Limited
- SAS Investment Management Limited
- SDC Capital Limited
- SEM Capital Advisors Limited
- Serengeti Asset Management Limited
- SIC Financial Services Limited
- Solange Capital Partners Limited
- Stanlib Ghana Limited
- Star Asset Fund Management Ltd
- Steward Capital Partners Limited
- Temple Investments Ltd.
- TTL Capital Limited
- UMB Investment Holdings Limited*
- Union Capital Limited
- WAICA RE Capital Limited
- Wealth Management Limited
- Worldwide Investments Co. Limited
- The highlighted companies, according to SEC, are Fund Managers with major regulatory issues: pending complaints, suspension etc.
Read also: Ghana ‘s Union of Traders Locks Up Over 100 Foreign Retailers’ Shops in Accra
Will The Fund Investors Be Able To Recover Their Investments In The Funds?
According to SEC, a liquidator will work with the Ghanaian government to pay a capped amount to all affected investors to provide some relief. The court will decide issues of assets retrieval and liquidation. Under Section 122 of Ghana’s Securities Industry Act, the license of any person dealing in securities may be revoked if it wounds up. Once the license is revoked by SEC, the revocation takes effect from the date the revocation order was made by SEC. However, no such revocation shall operate to avoid or affect an agreement, transaction or arrangement relating to the trading in securities entered into by that person, whether the agreement or transaction or arrangement was entered into before or after the revocation of the license, neither does the revocation affect a right, obligation or liability under an agreement, transaction or arrangement.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world