First Fund returns 32.7% yield

Prof. Cletus Dordunoo -Board Chairman, First FundProf. Cletus Dordunoo -Board Chairman, First FundFirst BanC’s mutual fund – the First Fund – returned an annual yield of 32.7 per cent on investments for last year compared to a 20.3 per cent return recorded last year.

Its total assets under management (AUM) for the period also increased by about 72 per cent, rising from GH¢3.73 million in 2011 to GH¢6.40 million as of December last year.

The Board Chairman of First Fund, Prof Cletus Dordunoo, disclosed this at their annual general meeting in Accra.

The fund is currently the money market mutual fund with the highest annual return on investment and the board chairman assured investors at the meeting that his outfit would continue to make sure that the fund remained robust in the face of the high growth rates.

“In our quest to provide innovative financial solutions, we are committed to developing new products for Ghana’s developing market,” Prof Dordunoo said at the meeting.

He attributed the 72 per cent growth in the fund’s AUM to an “impressive return on investment by the fund and client investments,” adding that the first  quarter results of 2013 showed that the AUM had increased to more than GH¢7 million.

In a related development, the FirstBanC Heritage Fund recorded a return of 20.9 per cent in 2012 on the back of a strategic mix between fixed income and equity securities.

The AUM also rose to 417,626.72 in 2012 from 290,119.39 in 2011, representing a 44-per cent increment over the period.

The Chief Investment Officer of the fund, Mr Samuel Annie Asiedu, said at its AGM in Accra that the fund would continue to explore areas that would help it return high yields yet on sustainable income with long-term value.

By Jennifer Ansah