SAS Investment Management Ltd., a SEC-licenced fund management company and one of the leading investment firms in the country, has introduced a new money market fund – SAS MIDAS Fund – into the Ghanaian investment market.
The Fund is an open-ended money market mutual fund whose investment objective is to provide safety of principal, a competitive yield and maximum current income, and a high level of liquidity for its investors.
The SAS MIDAS Fund is initially offering a minimum of one million shares at an initial price of 50 pesewas per share, with the minimum investment purchase set at 200 shares and thereafter in multiples of 40 shares.
The Fund invests in a well-diversified portfolio of short-term, high-quality and low-risk money market securities, and is offered as an alternative to a savings account for individuals and organisations for managing cash, saving toward short-term goals, and creating wealth.
Mr. Ben Ahiaglo, MD of SAS, reading a speech on behalf of Togbe Afede XIV, the Executive Chairman of SAS Finance Group, at a colorful launch event at the Accra World Trade Centre said that the fund management industry is one of the fastest-growing segments of the financial services industry in Ghana.
A growing Ghanaian middle-class, increasing per capita income over the past two decades, wealth formation and the demand for more investment opportunities have combined to stimulate strong growth in industry assets, with significant room for further growth in mutual funds, wealth management and pensions.
Mr. Gyakebene Kwasi Amponsem, the Board Chairman of the Fund, assured investors that in the capable hands of its very professional and experienced board and management, SAS MIDAS Fund will become a household name with the sterling performance it churns out for investors.
The Head of Business Development and Marketing, Ms. Wasila Yeboah, in her presentation said the MIDAS Fund offers people from all social strata opportunities to invest toward a financially independent future.
She said the Fund is targetted mainly at investors with short-term investment objectives, and whose priorities include safety, liquidity, competitive returns and growth.
The MIDAS Fund is a convenient investment vehicle for saving toward expenses such as retirement income, educational expenses, household expenses, the financing of specific projects e.g. holiday trips, purchasing a car or house, mortgage payments, funeral expenses, purchase of church equipment, collateral for a credit facility from a bank, building net worth for a visa application at an embassy, medical expenses, etc.
According to her, with as little as GH¢10, anyone can open a MIDAS Fund account after the IPO.
She highlighted that unlike other money market mutual funds in the market, the SAS MIDAS Fund charges no front-load fee and starts off making returns on 100% of deposits made by investors, thereby creating more value for them.
On liquidity, she reiterated that investors could deposit and withdraw their money anytime they needed to. She stated that the design of the Fund is the first of its kind in the Ghanaian investment industry, and demonstrates why SAS is among the leading investment firms in the country.
In an interview, the firm’s Head of Asset Management, Mr. Anthony Degbato, assured investors of their funds’ safety. He stated that for over 24 years SAS has been a credible investment firm, helping many individual and institutional clients invest toward their future financial goals.
“The relatively higher potential return on the Fund compared to that on savings accounts makes the SAS MIDAS Fund a better alternative for investors looking at short- to medium-term investments with low risk profile,” he said. Mr. Degbato added that the Fund will invest mainly in money market securities.
The Fund’s IPO ended on 18th January 2019 and remains open to the general investing public.