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.
- 10th Capital Investments Limited
- Afina Asset Management
- Africa Trust Capital Limited
- Algebra Capital Management Limited
- Avant Capital Limited
- Black Star Advisors Limited
- Bora Capital Advisors Ltd.
- Boulders Advisors Limited
- CAL Asset Management Limited
- Capstone Capital Limited
- CBL Investment Services Ltd.
- Chapel Hill Denham Management Ltd.
- Cidan Investments Limited
- Continental Capital limited
- Cornerstone Captial Advisors Limited
- Crystal Capital & Investment Ltd.
- Dalex Capital Ltd.
- Databank Asset Management Services Limited
- Delta Capital Limited
- Dusk Capital Limited
- E.D & Co Capital Partners Limited
- Ecobank Capital Advisors Limited
- EcoCapital Investment Management Limited
- EDC Investments Limited
- EGAS Capital Ltd
- Everbond Financial Services Limited
- Fairnet Capital Limited
- Family Fountain Assets and Securities Limited
- Fidelity Securities Limited
- First Atlantic Asset Management Co. Limited
- First Finance Company Ltd
- Gateway Wealth Management Limited
- GLICO Capital Limited
- Glorygate Capital Ltd.
- Halifax Asset Management
- HMI Management Services Limited
- IC Asset Managers (Ghana) Limited
- IFS Capital Management Limited
- IGS Financial Services Limited
- Intrepid Investment Advisory and Asset Management Limited
- Investa Capital Fund Management Ltd
- Investcorp Asset Management Ltd
- InvestEye Capital Partners Ltd
- Investiture Fund Managers Ltd
- Investrust Capital Ltd.
- Linx Capital Limited
- NA Jones Capital Limited
- National Trust Holding Company Limited (NTHC)
- NDK Capital Limited
- New Generation Investment Services Limited
- NewCase Capital Limited
- Nimed Capital Limited
- Octane Sd Limited
- Orialles Capital Ltd
- Oya Capital Ltd
- Parkstone Capital Ltd
- Pent Asset & Wealth Management Ltd.
- PhoenixAfrica Securities Limited
- Premium Place Investments Ltd.
- Prestige Capital Limited
- Prudential Securities Limited
- RAD Business Advisory Network Centre Ltd
- Regal Alliance Investment Ltd.
- Reliance Capital & Asset Finance Limited
- Renaissance Africa Group Limited
- Republic Investments (Ghana) Limited
- Salem Financial Services Limited
- SAS Investment Management Limited
- SDC Capital Limited
- SEM Capital Advisors Limited
- Serengeti Asset Management Limited
- SIC Financial Services Limited
- Solange Capital Partners Limited
- Stanlib Ghana Limited
- Star Asset Fund Management Ltd
- Steward Capital Partners Limited
- Temple Investments Ltd.
- TTL Capital Limited
- UMB Investment Holdings Limited
- Union Capital Limited
- WAICA RE Capital Limited
- Wealth Management Limited
- Worldwide Investments Co. Limited
- *The highlighted companies, according to SEC, are Fund Managers with major regulatory issues: pending complaints, suspension etc.
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