Business News of Monday, 11 November 2019
Source: citibusinessnews.com
2019-11-11
SEC says there are 11 companies that have unresolved issues with the regulator
The Securities and Exchange Commission last Friday revoked the licenses of 53 fund management companies citing several regulatory breaches.
A press release issued by SEC said the companies among other things failed to honour clients’ redemption requests, placed funds in unregulated investments, used clients’ funds to fund related parties’ activities.
Out of the 53 companies, 21 had already ceased operations with the remaining 32 still in operation at the time their licenses were revoked.
Following the mass license revocation, SEC published a list of the outstanding fund management companies on its website. Although 83 fund managers remain after the clean-up, SEC stated that there are 11 companies that have unresolved issues with the regulator.
List of Fund Managers remaining after the license revocation exercise.
1. 10th Capital Investments Limited
2. Afina Asset Management
3. Africa Trust Capital Limited
4. Algebra Capital Management Limited
5. Avant Capital Limited*
6. Black Star Advisors Limited
7. Bora Capital Advisors Ltd.
8. Boulders Advisors Limited
9. CAL Asset Management Limited
10. Capstone Capital Limited
11. CBL Investment Services Ltd.
12. Chapel Hill Denham Management Ltd.
13. Cidan Investments Limited
14. Continental Capital limited*
15. Cornerstone Captial Advisors Limited
16. Crystal Capital & Investment Ltd.
17. Dalex Capital Ltd.
18. Databank Asset Management Services Limited
19. Delta Capital Limited*
20. Dusk Capital Limited*
21. E.D & Co Capital Partners Limited
22. Ecobank Capital Advisors Limited
23. EcoCapital Investment Management Limited
24. EDC Investments Limited
25. EGAS Capital Ltd
26. Everbond Financial Services Limited
27. Fairnet Capital Limited
28. Family Fountain Assets and Securities Limited
29. Fidelity Securities Limited
30. First Atlantic Asset Management Co. Limited
31. First Finance Company Ltd
32. Gateway Wealth Management Limited
33. GLICO Capital Limited
34. Glorygate Capital Ltd.
35. Halifax Asset Management
36. HMI Management Services Limited
37. IC Asset Managers (Ghana) Limited
38. IFS Capital Management Limited
39. IGS Financial Services Limited
40. Intrepid Investment Advisory and Asset Management Limited
41. Investa Capital Fund Management Ltd*
42. Investcorp Asset Management Ltd
43. InvestEye Capital Partners Ltd*
44. Investiture Fund Managers Ltd
45. Investrust Capital Ltd.
46. Linx Capital Limited*
47. NA Jones Capital Limited*
48. National Trust Holding Company Limited (NTHC)*
49. NDK Capital Limited
50. New Generation Investment Services Limited
51. NewCase Capital Limited
52. Nimed Capital Limited
53. Octane Sd Limited
54. Orialles Capital Ltd
55. Oya Capital Ltd
56. Parkstone Capital Ltd
57. Pent Asset & Wealth Management Ltd.
58. PhoenixAfrica Securities Limited
59. Premium Place Investments Ltd.
60. Prestige Capital Limited*
61. Prudential Securities Limited
62. RAD Business Advisory Network Centre Ltd
63. Regal Alliance Investment Ltd.
64. Reliance Capital & Asset Finance Limited
65. Renaissance Africa Group Limited
66. Republic Investments (Ghana) Limited
67. Salem Financial Services Limited
68. SAS Investment Management Limited
69. SDC Capital Limited
70. SEM Capital Advisors Limited
71. Serengeti Asset Management Limited
72. SIC Financial Services Limited
73. Solange Capital Partners Limited
74. Stanlib Ghana Limited
75. Star Asset Fund Management Ltd
76. Steward Capital Partners Limited
77. Temple Investments Ltd.
78. TTL Capital Limited
79. UMB Investment Holdings Limited*
80. Union Capital Limited
81. WAICA RE Capital Limited
82. Wealth Management Limited
83. Worldwide Investments Co. Limited
*The highlighted companies, according to SEC, are Fund Managers with major regulatory issues: pending complaints, suspension etc.
