Accra, Sept. 19, GNA – The TTL Capital Limited,
an integrated investment banking and financial advisory firm, has launched a
new product known as the “TTL Income Haven Fund”, to provide an opportunity for
the future financial security of Ghanaians.
The product is a medium-term open-ended mutual
fund, which seeks to generate a high level of current income, security of
principal and growth, amidst liquidity.
It involves mobilising funds from shareholders
and reinvesting them in mainly high quality fixed income instruments, such as
Commercial Papers, Bankers Acceptance, Certificates of Deposit and Government
Mrs Adwoa Owusu Takyi, the Fund Manager, said
the Fund sought to outperform the returns on the Government of Ghana Treasury
However, it would not distribute dividends but
reinvest them, adding that investors would rather benefit from fund price
She said the advantages of being a TTL Income
Haven Fund shareholder included the effective spread of investments in income
yielding instruments that reduced risk and enhanced returns, tax exempt
returns, implying higher net returns, appropriate investment vehicle for
meeting their income requirements.
The TTL Income Haven Fund could help
contributors to meet their medium-term to long-term financial needs such as
taking advantage of a business opportunity, saving for the rent of a home or
providing for a child’s education, as well as saving for retirement.
Mrs Owusu Takyi there was no entry charges,
hence higher net returns, which allowed shareholders to enjoy the expertise of
a professional Fund Manager.
She said the requirements to start the Fund,
included a valid Identification Card, a passport size photograph, a filled TTL
Income Haven Fund account opening form, as well as the first payment, to become
a shareholder, and for institutions, copies of incorporation documents.
Mrs Owusu Takyi said the options available
included an initial minimum contribution of GHC 50.00 and regular contributions
of a minimum of GHC 20.00 or as lump-sum contribution.
“The monies received are used to buy TTL
Income Haven Fund shares at the current market price based on the value of the
fund,” she explained.
She said payment could be by either cash or
cheque payments to TTL Capital Office, or into a TTL Haven Fund account at any
Zenith, UBA or Fidelity bank branches, respectively, or via Mobile Money
transfer into the Fund’s account using MTN, Tigo or Airtel.
She said shareholders could also authorise for
direct debit into the Fund’s account at any Zenith or Fidelity Bank branches,
or issue Standing order to client’s bank for daily, weekly or monthly payments,
as well as issue post-dated cheques for a period.
Mrs Owusu Takyi said the investments were
research-driven and the product was strongly supported by TTL’s Capital
She, however, explained that: “although we
encourage a minimum investment duration of three years, one can exit the fund
at any time, but will incur and exit lead”.
“A two per cent charge shall be applied within
the first year, one per cent within the second year and 0.5 per cent within the
third year of liquidation, but there shall be no exit load after the third year
of each deposit.”
She said the Fund Manager was responsible for
the portfolio construction and management, and also shareholders were vested
with share of TTL Income Haven Fund and did not have direct ownership of the
Ms Efua Fynn, the Managing Director of TTL
Capital Limited, thanked the Securities and Exchange Commission (SEC) and the
partner Banks for their support, giving the assurance that the company was
managed by experienced professionals who were committed to providing quality
services to both private and institutional investors.
Mr Alexander Williams, the Deputy
Director-General, Legal at the Securities and Exchange Commission (SEC), said
the Commission always welcomed the launch of another Collective Instrument Scheme
(CIS), which was a strong indicator of market development, more so at a time
when the need for investment was critical.
He said the CIS market had enjoyed a steady
growth in recent years, and these schemes offered an opportunity to all
investors, including those with limited funds to have access to a diversified
portfolio of investments.
“We at the SEC believe that they constitute
one of the investment vehicles that would facilitate growth of our capital
market,” he said.
Mr Williams said the scheme particulars of
this mutual fund, had been thoroughly examined to ensure their accuracy in
compliance with the SEC’s Unit Trust and Mutual Funds Regulations, 2001 (L.I
1695), to ensure that investors and their financial advisers are well informed.
In order to maintain proper standards of
conduct and acceptable practices, the Commission would inspect the books of
accounts, records and documents of mutual funds, custodians and fund managers
by conducting post offer, off-site and on-site inspections, he said.
He also said the Securities Industry Bill,
which had been passed by Parliament and was currently awaiting the Presidential
assent, would facilitate the development of the securities market, provide
legal a framework to accommodate all forms of securities presently and also
strengthen the operational independence of the Commission to effectively
regulate the securities industry.
He challenged the Fund Manager to adhere to
the asset allocation provided in the Scheme’s particulars of the fund and to
get acquainted with the Securities Laws, SEC regulations, Circulars and Market
Guidance Notes that governed the Capital Market in general and in particular
the operation of collective investment schemes in the interest of all