Here are the new fund managers of 13 investment schemes whose licenses were revoked

In a published list, the 13 investment schemes comprise 11 Mutual Funds and two Unit Trusts who have appointed new fund managers following the revocation of their licenses.

The SEC update which was issued on May 15, 2020, showed it was notified of the appointment of the new fund managers by the Directors and Trustees of the defunct fund managers.

New managers

The SEC update indicates that Linx Capital Limited now manages CDH Balanced Fund Limited, Waica Re Capital Limited is the new manager for the Sirius Opportunity Fund Limited and TTL Capital Limited now manages both the First Fund Limited and the Firstbanc Heritage Fund Limited.

OctaneDC Limited is the new manager of the Galaxy Balanced Fund Limited and the Galaxy Money Market Fund Limited, IGS Financial Services Limited now manages three different funds namely; Ideal Sika Fund Limited, Omega Equity Fund Limited, and the Omega Income Fund Limited, EcoCapital Investment Management Ltd now manage Nordea Income Growth Fund Limited, Nimed Capital Limited now manages the Alltime Bond Fund Limited and the First Finance Company Limited are the new managers of both the Unisecurities Unit Trust and the Gold Fund Unit Trust.

Meanwhile, the SEC has said the Directors and Trustees of four collective investment schemes have not yet appointed new fund managers while the Trustee of EM Balanced Unit Trust, Universal Merchant Bank Limited has been directed by the SEC to liquidate EM Balanced Unit Trust.

The four companies are; the Gold Money Market Fund Limited, Weston Oil and Gas Fund Limited, Freedom Fund Unit Trust, and the McTrust Unit Trust.

The SEC said it will engage the fund managers to resolve the issues.

"In accordance with Act 929, the SEC shall engage the respective Directors and Trustees, in the interest of investors in order to determine other possible courses of action for shareholders/unitholders of the Mutual Funds/Unit Trusts and same shall be communicated in due course," the update said.

Background

The SEC revoked the licenses of 53 fund management companies on Friday, November 8, 2019.

According to the SEC, the affected companies failed to return client funds which remained locked up which is against the investment rules.

“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,” an SEC statement said.

Find the list of the new fund managers below