Director General of SEC, Dr. Daniel Ogbarmey-Tetteh

SEC revokes licenses of 53 fund management companies

Enoch Darfah Frimpong Business News Nov - 08 - 2019 , 17:51

The Securities and Exchange Commission (SEC) has withdrawn the licenses of 53 fund management companies with effect from Friday, November 8, 2019.

The SEC said the affected companies failed to return client funds which remained locked up in, contravention of 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,” a statement issued by SEC on Friday said.

The companies include All Time Capital, Blackshield Capital Management (formerly Gold Coast Fund Management), Frontline Capital Advisors, Unisecurities Limited and Ideal Capital Partners.

Below is the full list of companies

All-Time Capital Partners Limited

Alpha Cap Securities Limited

Axe Capital Advisors Limited

Apex Capital Partners

Beige Capital Limited

Blackshield Capital Management (formerly Gold Coast Fund Management )

Brooks Asset Management Limited

Cambridge Capital Advisors Limited

Canal Capital Limited

Corporate Hills Investment Ltd.

Dowjays Investment Limited