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GN Holdings halts sale of ‘Structured Finance’ products

Gold Coast Holdings says it is stopping the sale of its Structured Finance (SF) products effective 22nd October 2018.

“Gold Coast wishes to inform its cherished customers about changes made to its investment products and services, particularly, the product known and commonly referred to as “Structured Finance” (SF),” GN Holdings said in a statement.

The move according to the firm “follows a directive by the industry regulator, the Securities and Exchange Commission (SEC) directing that all SF related products which guaranteed a return on investments should no longer be offered by Fund Managers across the country and such positions closed by 31st December 2018. In view of this directive, we are re-structuring our investment products to give you value for money.”

The statement signed by Kwame Ofori Asomaning said, “As a result of these regulatory changes, and in line with industry-wide practice and market realities, we are discontinuing the sale of our Structured Finance (SF) product effective 22nd October 2018. However, management has put in place the best measures to ensure that all existing customers of our SF products, do not lose a penny of their investments made so far.”

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REGULATORY CHANGES IN RESPECT OF INVESTMENT PRODUCTS OFFERING GUARANTEED RETURNS

Gold Coast wishes to inform its cherished customers about changes made to its investment products and services, particularly, the product known and commonly referred to as “Structured Finance” (SF).

This follows a directive by the industry regulator, the Securities and Exchange Commission (SEC) directing that all SF related products which guaranteed a return on investments should no longer be offered by Fund Managers across the country and such positions closed by 31st December 2018. In view of this directive, we are re-structuring our investment products to give you value for money.

We wish to inform all our customers that your funds are safely invested mostly in the medium and long-term government of Ghana infrastructure projects, in addition to other viable projects.

To enable us to continue with our investments and given the gestation period of the investments made, we will enter into a “Discretionary Fund Management Agreement” with our clients for a three-year period, within which, all monies would have been completely refunded.

The three-year payment window as proposed, will enable us to complete our reconciliation exercise for the entire SF portfolio, reconcile all accounts to give appropriate value to all investment placements, and disinvest all the investments we have made in this portfolio in order to make payments to all investors.

Due to the premium, we place on our customers and their funds invested through us, we have assigned to each customer, an Investment Advisor, to assist in managing client portfolio and work with clients during periods of emergencies with the aim of meeting clients’ unique needs as much as possible.

It is worth mentioning that the directive from SEC does not affect our alternative investment products such as the Gold Fund Unit Trust (GFUT) which is currently the best equity fund in the country with a year to date performance of 19.62% and Gold Money Market Fund (GMMF) our fixed income fund which has a year to date performance of 15.97%.

The remaining products are Provident and Pension Funds, Stock Trading and Government Treasury Bills.

 

Source: myjoyonline.com

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