Fund Managers

NoName of Company
1Africa Trust Capital Limited
2All-Time Capital Limited
3Apex Capital Partners Limited
4Black Star Advisors Limited
5Bora Capital Advisors Limited
6Boulders Advisors Limited
7CAL Asset Management Limited
8Capstone Capital Limited
9CDH Asset Management Limited
10CIDAN Investments Ltd
11Continental Capital Limited
12Crystal Capital and Investments Limited
13Dalex Capital Management Limited
14Databank Asset management Services Limited
15Delta Capital Limited
16Dusk Capital Limited
17Ecobank Capital Advisors Limited
18Ecocapital Investment Management
19EDC Investments Limited
20Everbond Financial Services Limited
21Family Fountain Assets & Securities Limited
22Fidelity Securities Limited
23First Atlantic Asset Management Company Limited
24FirstBanC Financial Services Limited
25Frontline Capital Advisors Limited
26Galaxy Capital Limited
27Global Investments Bankers Limited
28Glorygate Capital Limited
29Gold Coast Fund Management Limited
30Heritage Securities Limited
31HMI Management Services Limited
32IC Asset Managers
33Ideal Capital Partners Limited
34IFS Capital Management Limited
35Integrity Fund Management Limited
36Intrepid Investment Advisory & Asset Management Limited
37Investa Capital Fund Management
38InvestEye Capital Partners Limited
39Legacy Financial Services Limited
40NA Jones Capital Limited
41NDK Capital Limited
42New Generation Investment Services Limited
43Newcase Capital Limited
44Nimed Capital Limited
45NTHC Assets Management Limited
46Parkstone Capital Limited
47Pent Asset And Wealth Management
48Premium Place Investment Limited
49Prestige Capital Limited
50Prudential Securities Limited
51QFS Securities Limited
52Republic Investments (Ghana) Limited
53SAS Investment Management Limited
54SDC Capital Limited
55SEM Capital Management Limited
56SIC Financial Services Limited
57Sirius Capital Limited
58Stanlib Ghana Limited
59Star Asset Financial Services Limited
60Temple Investments Limited
61TTL Capital Limited
62UMB Investment Holdings Limited
63Union Capital Limited
64United Capital Advisors Limited
65Utrak Capital Management Limited
66WAICA RE Capital Limited
67Wealth Management Limited
68Wealth Vision Financial Services Limited



On Friday November 8, 2019 the (SEC) revoked the licences of 53 fund management companies. The action was meant to protect investor interest and the integrity of the capital market. We welcome any moves that will shore up the industry and ultimately boost investor confidence. We wish, however, to state the following:

There is no need for panic withdrawals by investors. The industry is no worse off today than it was before the action by the SEC. Twenty One (21) of the firms whose licences had been revoked were already not operational and several of the 32 who were operating were already facing serious governance, operational and liquidity challenges. There are several robust fund management firms that are liquid and operating with healthy balance sheets and we are confident that these will continue providing solid services to the investing public.

The Ministry of Finance (MOF), SEC and Bank of Ghana (BOG) must urgently support the investment industry by pushing the Receivers of failed Savings and Loans (S&Ls), Finance Houses and Microfinance firms (MFIs) to pay liabilities to Fund Management firms with validated exposures. Poor governance and ethics played a part in this industry’s current challenges but the banking sector clean-up was the final trigger causing the liquidity challenges that some firms face. Piecemeal pay-outs for validated exposures exacerbate these liquidity challenges and given that pronouncements have been made that no depositors will lose their funds, it is important that validated claims by Fund Managers are immediately honoured.

The SEC must provide clarity on the path forward for investors whose monies were with collapsed firms. This will reduce investor panic and help to forestall a run on the industry. There must also be a clearly spelt out process for firms whose licences have been revoked and who feel they may have a genuine case for review.

The investment industry is the understated complement to the banking sector. Its average growth – 69.5% per annum over the past decade and its size (Ghs 40 billion) are clear pointers to its importance to the broader economy. In order for it to continue playing its intermediation role in the economy it will need a better resourced and engaged regulator, a well-informed investing public and robust, well governed firms that act in the interest of clients.

We wish to assure the investing public that the GSIA will engage with all key stakeholders in order to promote a healthy and vibrant industry that creates wealth for all.

Thank you.

Executive Secretary
Issued on behalf of the Governing Council


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