The commission said in accordance with Act 929 of the SEC Act, it will as well apply sanctions against these Trustees and Directors

SEC said in a statement it released following the revocation of the 12 fund managers in the country.

“In accordance with Act 929, SEC concluded that it shall engage the respective trustees and directors in the interest of the investors in order to determine other possible courses of action for unitholders/shareholders of the unit trusts/mutual funds that were unable to meet the requirements of the previous notice and same communicated in due course”, the statement said.

SEC, however, said that six mutual funds whose licences were revoked and directed by SEC to appoint new fund managers for the management of the CIS by 10 January 2020 have done so.

They are CDH Balanced Fund Limited, Sirius Opportunity Fund Limited, First Fund Limited, Heritage Fund Limited, Galaxy Balanced Fund Limited and Ideal Sika Fund Limited.

They have appointed Linx Capital Limited, Waica Re Capital Limited, TTL Capital Limited, OctaneDC Limited and IGS Financial Services Limited to manage them and have notified the SEC of the appointment of the new managers.

Accordingly, SEC has directed the above-mentioned managers to provide further particulars on their appointment, as part of measures to take over the management of their new portfolios and engaging the shareholders.

Here’s the list of Trustees and Directors of the mutual funds and unit trusts whose licences were revoked and failed to appoint new managers

  1. All Time Bond Fund Limited
  2. Galaxy Money Market Fund Limited
  3. Gold Money Market Fund Limited
  4. Nordea Income Fund Limited
  5. Omega Income Fund Limited.
  6. Omega Equity Fund Limited
  7. Weston Oil and Gas Fund Limited
  8. EM Balanced Unit Trust
  9. Freedom Fund Unit Trust.
  10. Gold Fund Unit Trust
  11. McTrust Unit Trust
  12. Uni Securities Unit Trust