12 June 2012

Ghana: Stanbic Income Fund Holds AGM

Stanbic Income Fund (SIF), Fund Managers of one of Ghana's leading provident funds, will today hold its first annual general meeting (AGM) in Accra.

The AGM is to adopt a number of resolutions, including the financials of the well-performing fund. The meeting will discuss the 2011 report of the Manager of the Fund, consider the Trustees Report, and the Report of Auditors for the year ended December.

In addition, the AGM will receive and adopt the Audited Financial Statements for the year ended December 31, 2011. It will also obtain unit holders approval for the use of electronic media as a mode of publication and communication.

The Stanbic Income Fund commenced operations in January 2011, and has since risen to the pinnacle of the provident fund market in Ghana.

Kwabena Boamah, a Portfolio Manager at Stanbic Investment Management Services, Managers of the Fund, attributes the fund's success to a "diversified fixed income portfolio that has a substantial amount in government bonds and other viable investment options."

He said the Fund's management would "continue to hold bonds at current yields, and continue to identify cheap short-term papers with upside potential to improve returns."

The SIF is a fixed income open-ended unit trust offered to investors who are seeking to maximise short-term income, as well as long-term sustainable income and capital appreciation.

The Fund intends to invest at least 75 per cent of its assets in fixed income securities, including corporate and government bonds, fixed deposits and other debt securities. A maximum of 15 per cent of the Fund will be invested in equities, with five per cent of the assets in alternative instruments. The Fund aims to achieve competitive returns on its assets while safeguarding capital.

Mr. Boamah said the Fund managers would continue to undertake a rigorous stock selection process, in order to identify underpriced equity that provides long term value. He urged investors to seek professional advice in making investment decisions, and also in the management of their investments.

"SIF, currently, has 41 per cent of the funds under management in government bonds, 50 per cent in fixed deposits, and six per cent in equities," he stated.

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