Fifty three Investment firms have had their licenses revoked by the Securities and Exchange Commission, the regulator of the Ghanaian investments sector.
In a statement dated 8th November 2019, the Commission reiterates that;
“The Securities and Exchange Commission (SEC) has, with effect from today revoked the licences of Fifty-Three (53) Fund Management Companies (see Annex A for list of Companies). These actions were taken pursuant to Section 122 (2) (b) of the Securities Industry Act, 2016 (Act 929 or “the Act”) which authorises the Securities and Exchange Commission to revoke the licence of a market operator under any of the following circumstances:
(a) If it is wound up;
(b) It ceases to carry on the business for which it was licensed;
(c) If the Commission has reason to believe that the licensed body or any of its directors or employees has not performed its functions or the functions of directors efficiently, honestly and fairly;
(d) If the licensed body contravenes or fails to comply with a condition or restriction applicable in respect of the license or any other provision of Act 929; and
(e) If the licensed person fails to commence business within 6 months of being granted a licence”.
BELOW IS THE LIST OF FUND MANAGERS WHO ARE NOT OPERATING AND WHOSE LICENCES HAVE BEEN REVOKED
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
BELOW IS THE LIST OF FUND MANAGERS WHO ARE OPERATING AND WHOSE LICENCES HAVE BEEN REVOKED
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
