For the third consecutive year, the Stanbic Income Fund Trust (SIFT), a trust fund managed by Stanbic Investment Management Services (SIMS) has recorded positive yields for its unit holders.
‘The year 2013 saw an improved return on the SIFT over that of 2012. SIFT recorded a return of 22% in 2013 compared to 16% in the year 2012 thus returning a cumulative 71% in the three years to 2013’, Portfolio Manager of SIFT, Kwabena Boamah told investors at the Trust’s third Annual General Meeting held in Accra.
He said total assets under management also grew by 27% in 2013 to GHS 6.04million from GHS 4.77 million in 2012 mainly from growth in net investment income.
The AGM, chaired by the Chief Executive of Stanbic Bank Ghana and Board Chairman of SIMS, Alhassan Andani, discussed and adopted the reports of the Fund Manager, the Trustee, and the Auditor and the Audited Financial Statements for the year ended 31st December 2013.
Reporting on the asset mix, Mr. Boamah said ‘50% of the funds were invested in government notes and 21% in corporate notes at a weighted average return of 23% and 25% respectively. Equity exposures remained marginal at 2%with money market securities retaining 21% of net assets’.
He said SIFT returns were driven by investments in the secondary market within the fixed income asset class saying net investment gain in 2013 grew by 62% to GHS1.1million from GHS0.68million as total expense ratio declined from 2.34% in 2012 to 2.3% in 2013.
Portfolio Manager of SIFT noted that even though the economy had recorded growth of 7.1%in 2013 2014 was already proving to be challenging.
Kwabena Boamah said in spite of that, SIMS would leverage on its core points; people, systems, research capabilities to continue creating real value and wealth for its clients.
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