Gold Coast, 52 fund management companies in Ghana closed down

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The Securities and Exchange Commission (SEC) of Ghana has revoked the licenses of 53 fund management companies effective November 8, 2019.

The SEC said the affected companies failed to return client funds which remained locked up in contravention of the investment rules.

“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,” a statement issued by SEC said on Friday.

The companies include All Time Capital, Black Shield Capital Management, formerly Gold Coast Fund Management, Frontline Capital Advisors, Unisecurities Limited and Ideal Capital Partners.

Below is the full list of companies

All-Time Capital Partners Limited

Alpha Cap Securities Limited

Axe Capital Advisors Limited

Apex Capital Partners

Beige Capital Limited

Brooks Asset Management Limited

Cambridge Capital Advisors Limited

Canal Capital Limited

Corporate Hills Investment Ltd.

Dowjays Investment Limited

EM Capital Limited

Energy Investments Limited

Fromfrom Capital Limited

Frontline Capital Advisors Limited

FirstBanc Financial Services Limited

Galaxy Capital Limited

Gold Coast Fund Management Limited

*Gold Rock Capital Management Limited

Goldstreet Fund Management Limited

Global Investments Bankers Limited

Heritage Securities Limited

Ideal Capital Partners Limited

Integrity Fund Management Limited

Intermarket Asset Management Ltd

Kripa Capital Ltd.

Kron Capital Limited

Legacy Financial Services

Liberty Asset Management Limited

Kamag Kapital Limited

Mak Asset Management Limited

Man Capital Partners Limited

Mec-Ellis Investment(Ghana) Limited

McOttley Capital Limited

Monarch Capital Limited

Mutual Integrity Assets Management Limited

Nesst Capital Limited

Nickel Keynesbury Limited

Nordea Capital Limited

Omega Capital Limited

Procap Finance Company Limited

QFS Securities Limied

SGL Royal Kapita Limited

Sirius Capital Limited

Strategic Hedge Capital Limited

Standard Securities Limited

Supreme Trust Capital Limited

Tikowrie Capital Ltd.

Unisecurities Limited

Universal Capital Management

Ultimate Trust Fund Management Ltd.

Utrak Capital Management Limited

Wealth Vision Financial Services Limited

Weston Capital Limited

VOLUNTARY CESSATION COMPANY STATUS EFFECTIVE DATE

HFC Capital Partners Limited

Attai Capital Limited

Serengeti Capital Limited

Indigo Investment Management Limited

Verit Investment Advisory Limited

NB: * Revocation for failing to commence business within 6 months

Source: Daily Mail GH