SEC revokes 53 fund management licences

The Securities and Exchange Commission has with immediate effect, revoked the licences of some 53 Fund Management Companies.

According to a public notice served by the Commission, the action is in accordance with its mandate of protecting investors and the integrity of the capital market, and in pursuant to Section 122 (2) (b) of the Securities Industry Act , 2016 (Act 929or “the Act”) which authorises the Securities and Exchange Commissionto revoke the licences of a market operator under certain circumstances.

“The revocation of the licences of the specified companies has become necessary as they have largely failed to return client funds which remain locked up and in a number of cases, they have even folded up their operations. 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.

The SEC is committed to ensuring that the Fund Management Sub-sector remains supportive of the Capital Market growth and the economy as a whole. The SEC will continue to regulate and promote the growth and development of an efficient, fair and transparent securities market in which investors and the integrity of the market are protected,” the statement further stated.

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FULL LIST OF FUND MANAGERS WHO ARE NOT OPERATING AND WHOSE LICENCES HAVE BEEN REVOKED

No. NAME OF FUND MANAGER 
1 Alpha Cap Limited
2 Beige Capital Asset Management Limited
3. Cambridge Capital Advisors Limited
4. EM Capital Limited
5 Energy Investments Limited
6 Fromfrom Capital Limited
7 Gold Rock Capital Management Limited
8 Heritage Securities Limited (formerly Futurepip Asset Management)
9 Kamaag Kapital Limited (formerly Lifeline Asset Management )
10 Kron Capital Limited
11 Mak Asset Limited
12 Man Capital Partners Limited
13 Mcottley Capital Limited
14 Mec-Ellis Investments (Ghana) Limited
15 Nickel Keynesbury Limited
16 SG Royal Kapita Limited
17 Standard Securities Limited (formerly ASN Investments Limited)
18 Tikowire Capital Limited
19 Ultimate Trust Fund Management Limited
20 Universal Capital Management Limited
21 Weston Capital Limited

 

LIST OF FUND MANAGERS WHO ARE OPERATING AND WHOSE LICENCES

HAVE BEEN REVOKED 
No  NAME OF FUND MANAGER
1 All time Capital Limited
2 Apex Capital Partners
3 Axe Capital Limited ( Formerly United Asset Management
4 Blackshield Capital Management (formerly Gold Coast Fund Management )
5 Brooks Asset Management Limited
6. Canal Capital Limited
7 Corporate Hills Investment Limited
8 Dowjays Investment Limited
9 Firstbanc Financial Services Limited
10 Frontline Capital Advisors Limited
11 Galaxy Capital Limited
12 Global Investment Bankers Limited
13 Goldstreet Fund Management Limited (formerly Goldstreet Investment Limited
14 Ideal Capital Partners Limited
15 Intermarket Asset Management Limited (formerly CDH Asset Management)
16 Integrity Fund Management Limited
17 Kripa Capital Limited
18 Legacy Fund Management Limited (formerly Legacy Financial Services Limited )
19 Liberty Asset Management Limited
20 Monarch Capital Limited
21 Mutual Integrity Asset Management Limited
22 Nesst Capital Limited
23 Nordea Capital Limited
24 Omega Capital Limited
25 Procap Finance Limited
26 QFS Securities Limited
27 Sirius Capital Limited
28 Strategic Hedge Capital Limited
29 Supreme Trust Capital Limited
30 Unisecurities Ghana Limited
31 Utrak Capital Management Limited
32 Wealth Vision Financial Services Limited
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More details to follow…

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