Gold Coast Fund Management has started payments to its Individual Structured Finance (SF) clients nationwide, ahead of the planned schedule for official installment payments due to begin on March 1, 2019 over a three-year period.
The Securities and Exchange Commission (SEC) earlier this year directed all fund managers to stop guaranteeing returns on investments for customers, and either convert such investments to unit trusts or return them to their clients.
In response, Gold Coast Fund Managemnt had earlier issued a statement informing its customers of the new directive from the regulator, and has now moved forward with changes to its products and services by discontinuing the sale of its SF product effective October 22, 2019.
“Gold Coast also announced a three-year instalment payment window beginning on March 1, 2019, during which all customers on the SF will be paid all their monies,” said a statement from the firm, signed by Frank Owusu-Ofori, Head-Groupe Nduom Corporate Affairs.
But the Fund Manager which has won several awards has been quick off the mark in reaching out to its customers, a sign of assurance from management that they have put in measures to ensure all existing customers of their SF products receive all monies due them. So far, about 3,000 customers have been paid across the country.
In addition, customers with interest due them – prior to October 22 and processed – will be paid their monies by end of this year 2018.
The Chief Executive Officer of Gold Coast Holdings, Kwame Asomaning revealed: “Gold Coast has so far paid about 3,000 of our customers, and we are working around the clock to ensure that all investments of the remaining customers are duly paid them without anyone losing their money”.
He added that Gold Coast has for the past 25 years created and preserved wealth for its customers, and asked remaining customers who have not yet received their monies to be patient as management will ensure they are all paid.
Meanwhile, the three-year payment period that is scheduled to begin in March will continue on a quarterly basis until the period is exhausted and all clients paid. According to the CEO, Gold Coast has assigned an Investment Advisor to each customer to assist in managing their portfolios and funds, and work with them during periods of emergencies with the aim of meeting client’s unique needs as much as possible.
He noted that “other alternative investment products such as Gold Coast Unit Trust (GFUT), which is currently the best equity fund in the country, and Gold Market Fund (GMMF) have not been affected by the directive”.