In a statement, SEC said the companies did not pay clients’ redemption requests, placed funds in unregulated investments, and many more.
After the revocation, the SEC has published a list of the outstanding fund management companies on its website.
In the publication SEC stated that although 83 fund managers remain after the clean-up, there are 11 companies that have unresolved issues with the regulator.
Below is the list of Fund Managers remaining after the license revocation exercise.
10th Capital Investments Limited
Afina Asset Management
Africa Trust Capital Limited
Algebra Capital Management Limited
Avant Capital Limited*
Black Star Advisors Limited
Bora Capital Advisors Ltd.
Boulders Advisors Limited
CAL Asset Management Limited
Salem Financial Services Limited
SAS Investment Management Limited
SDC Capital Limited
SEM Capital Advisors Limited
Serengeti Asset Management Limited
SIC Financial Services Limited
Solange Capital Partners Limited
Stanlib Ghana Limited
Star Asset Fund Management Ltd