The SEC cited several regulatory breaches as reason for this action.
In a statement, SEC said the companies did not pay clients’ redemption requests, placed funds in unregulated investments, and many more.
After the revocation, the SEC has published a list of the outstanding fund management companies on its website.
In the publication SEC stated that although 83 fund managers remain after the clean-up, there are 11 companies that have unresolved issues with the regulator.
Below is the 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.