The Public is hereby informed that Serengeti Asset Management Ltd. and Serengeti Capital Markets Ltd. are fully operational with the requisite licences, and in good standing with the Securities and Exchange Commission (SEC) to provide Fund and Asset Management services and Investment Advisory and Brokerage services, respectively.
This assurance is necessitated by a Public Notice issued by the Securities and Exchange Commission in respect of “companies going on voluntary cessation of business” issued in Accra on Tuesday January 29, 2018.
The assertion and inclusion of ‘Serengeti Capital Ltd.’ on the list of operators that engaged in fund management activities and “voluntarily requested to cease operation” (sic) is misleading, with the potential to cause concerns among our clientele.
The facts of the matter are that there is no entity named Serengeti Capital Ltd.: there is Serengeti Capital Partners Ltd., Serengeti Capital Markets Ltd. and Serengeti Asset Management Ltd.
These are related companies, and in the 2016/2017 year we declined to renew a licence because two of these companies had overlapping licences. Management thus informed SEC of its decision not to renew the licence of Serengeti Capital Partners Ltd. to avoid a needless duplication of licences.
The SEC Public Notice under reference unfortunately creates the false impression that it has unilaterally taken a regulatory enforcement action against a Serengeti entity, whereas the truth remains that Serengeti Asset Management Ltd. and Serengeti Capital Markets Ltd. are duly licenced and in good standing with SEC to operate in the Capital and Securities markets.
For purposes of emphasis, the public – especially the clients of Serengeti Asset Management Ltd. and Serengeti Capital Markets Ltd. – are hereby assured that the two companies remain in business, are in good standing with all relevant regulatory bodies, and continue to provide Fund Management, Asset Management, Brokerage and Investment Advisory Services.