Know who handles your money: An Investment Manager Advises

Ghana’s level of financial literacy was called into question recently following the banking sector cleanup; and the consequent MenzGold, DKM and God is Love Ponzi schemes saga.

Many are those who have attributed the situation to lack of financial knowledge among the citizenry. Due to this, an Investment Banker and Chief Executive Officer of EcoCapital Investment Management Limited, Mr Dela Agbo, has advised the investing public in the country to learn about investments firms they transact business with. This will help them make more prudent investment decisions while protecting their monies.

He says seeking knowledge about how the investment market works from investment bankers or brokers will help save one from falling prey to Ponzi or bad investment schemes which often lead to loss of funds.

He therefore advised the investing public to identify a licensed investment bank and establish a meaningful relationship with them.

Difference

This, he says, will help investors in the country to tell the
difference between a good investment bank and a bad one.

Having established the relationship, he also advised the investing public to take keen interest in tracking the trajectory of their investments.

“Don’t just put your money with an investment bank and go to sleep. What I have noticed is that a lot of Ghanaians buy shares, buy mutual funds, do transactions with the broker and they go to sleep. So, truly no one advises them.

“So, it’s very important that you build a relationship with
an investment banker, stay in touch, ask them questions”, he said.

Mr Agbo made these remarks during a recent interview with Ghana Talks Business in Accra.

Licenses of 53 investment banks revoked last year

The Securities and Exchange Commission (SEC), in November last year, revoked the license of 53 fund management companies who fell short of regulatory requirements. The Commission made the following comments regarding the situation.

“Essentially, they have failed to perform their functions
efficiently, honestly and fairly and in some cases are in continuing breach of
the requirements under relevant securities laws, rules or conditions, despite
opportunities provided to them by the SEC within a reasonable period of time to
resolve all regulatory breaches,” said the SEC on Friday, November 8, 2019.

This, Mr Agbo believes, should serve as an eye opener to the investing public of the need to learn more about investment firms and establish relationships with licensed institutions and their personnel.

Below is the file containing the names of all the 53 investment banks whose licenses were revoked.

BELOW IS THE LIST OF FUND MANAGERS WHO WERE NOT OPERATING AND WHOSE LICENCES WERE REVOKED

1 Alpha Cap Limited

2 Beige Capital Asset Management Limited

3. Cambridge Capital Advisors Limited

4. EM Capital Limited

5 Energy Investments Limited

6 Fromfrom Capital Limited

7 Gold Rock Capital Management Limited

8 Heritage Securities Limited (formerly Futurepip Asset Management)

9 Kamaag Kapital Limited (formerly Lifeline Asset Management )

10 Kron Capital Limited

11 Mak Asset Limited

12 Man Capital Partners Limited

13 Mcottley Capital Limited

14 Mec-Ellis Investments (Ghana) Limited

15 Nickel Keynesbury Limited

16 SG Royal Kapita Limited

17 Standard Securities Limited (formerly ASN Investments Limited)

18 Tikowire Capital Limited

19 Ultimate Trust Fund Management Limited

20 Universal Capital Management Limited

21 Weston Capital Limited

BELOW IS THE LIST OF FUND MANAGERS WHO WERE OPERATING AND WHOSE LICENCES WERE REVOKED

1 All time Capital Limited

2 Apex Capital Partners

3 Axe Capital Limited ( Formerly United Asset Management

4 Blackshield Capital Management (formerly Gold Coast Fund Management )

5 Brooks Asset Management Limited

6. Canal Capital Limited

7 Corporate Hills Investment Limited

8 Dowjays Investment Limited

9 Firstbanc Financial Services Limited

10 Frontline Capital Advisors Limited

11 Galaxy Capital Limited

12 Global Investment Bankers Limited

13 Goldstreet Fund Management Limited (formerly Goldstreet Investment Limited

14 Ideal Capital Partners Limited

15 Intermarket Asset Management Limited (formerly CDH Asset Management)

16 Integrity Fund Management Limited

17 Kripa Capital Limited

18 Legacy Fund Management Limited (formerly Legacy Financial Services Limited )

19 Liberty Asset Management Limited

20 Monarch Capital Limited

21 Mutual Integrity Asset Management Limited

22 Nesst Capital Limited

23 Nordea Capital Limited

24 Omega Capital Limited

25 Procap Finance Limited

26 QFS Securities Limited

27 Sirius Capital Limited

28 Strategic Hedge Capital Limited

29 Supreme Trust Capital Limited

30 Unisecurities Ghana Limited

31 Utrak Capital Management Limited

32 Wealth Vision Financial Services Limited

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