Stanbic Income Fund Maintains Growth Trend
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 per cent in 2013 compared to 16 per cent in the year 2012 thus returning a cumulative 71 percent in the three years to 2013,’ Portfolio Manager of SIFT, Kwabena Boamah told investors at the Trust’s third Annual General Meeting (AGM) held in Accra.
He said total assets under management also grew by 27 percent in 2013 to GH¢6.04 million from GH¢4.77 million in 2012 mainly from growth in net investment income.
The AGM, chaired by the Chief Executive Officer (CEO) of Stanbic Bank Ghana and Board Chairman of SIMS, Alhassan Andani, was used to discuss and adopt the reports of the fund manager, trustee and auditor and the Audited Financial Statements for the year ended 31 st December 2013
Reporting on the asset mix, Mr. Boamah said ’50 per cent of the funds were invested in government notes and 21 percent in corporate notes at a weighted average return of 23 percent and 25 percent respectively. Equity exposures remained marginal at 2 percent with money market securities retaining 21 per cent 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 per cent to GH¢1.1million from GH¢0.68million as total expense ratio declined from 2.34 per cent in 2012 to 2.3 percent in 2013.
He noted that even though the country’s economy had recorded growth of 7.1 per cent in 2013 2014 was already proving to be challenging.
In spite of the situation, SIMS would leverage on its core points; people, systems, research capabilities to continue creating real value and wealth for its clients, he indicated.
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