The Securities and Exchange Commission (SEC) has withdrawn the licenses of 53 fund management companies with effect from Friday, November 8, 2019.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
  • EM Capital Limited
  • Energy Investments Limited
  • Fromfrom Capital Limited
  • Frontline Capital Advisors Limited
  • FirstBanc Financial Services Limited
  • Galaxy Capital Limited
  • Gold Rock Capital Management Limited
  • Goldstreet Fund Management Limited
  • Global Investments Bankers Limited
  • Heritage Securities Limited
  • Ideal Capital Partners Limited
  • Integrity Fund Management Limited
  • Intermarket Asset Management Ltd
  • Kripa Capital Ltd.
  • Kron Capital Limited
  • Legacy Financial Services
  • Liberty Asset Management Limited
  • Kamag Kapital Limited
  • Mak Asset Management Limited
  • Man Capital Partners Limited
  • Mec-Ellis Investment(Ghana) Limited
  • McOttley Capital Limited
  • Monarch Capital Limited
  • Mutual Integrity Assets Management Limited
  • Nesst Capital Limited
  • Nickel Keynesbury Limited
  • Nordea Capital Limited
  • Omega Capital Limited
  • Procap Finance Company Limited
  • QFS Securities Limied
  • SGL Royal Kapita Limited
  • Sirius Capital Limited
  • Strategic Hedge Capital Limited
  • Standard Securities Limited
  • Supreme Trust Capital Limited
  • Tikowrie Capital Ltd.
  • Unisecurities Limited
  • Universal Capital Management
  • Ultimate Trust Fund Management Ltd
  • Utrak Capital Management Limited
  • Wealth Vision Financial Services Limited
  • Weston Capital Limited

VOLUNTARY CESSATION COMPANY STATUS EFFECTIVE DATE

*HFC Capital Partners Limited

*Attai Capital Limited

*Serengeti Capital Limited

*Indigo Investment Management Limited

*Verit Investment Advisory Limited

Below is a link copy of the statement the SEC issued to announce the revocation

PUBLIC NOTICE : FULL DETAILED LIST OF COMPANIES REVOCATION

Credit: GraphicOnline

(By Enoch Darfah Frimpong)