SAS Investment Management Ltd., an SEC-licensed fund management company and one of the leading investment firms in the country, has introduced a new money market fund, SAS MIDAS Fund, into the Ghanaian investment market.

The Fund, which was officially launched on 28th December 2018, is an open-ended money market mutual fund whose investment objective is to provide safety of principal, a competitive yield and maximum current income, and a high level of liquidity for its investors.

The SAS MIDAS Fund is initially offering a minimum of one million shares at an initial price of 50 pesewas per share, with the minimum investment purchase set at 200 shares and thereafter in multiples of 40 shares.

The Fund invests in a well-diversified portfolio of short-term, high-quality and low-risk money market securities, and is offered as an alternative to a savings account for individuals and organizations for managing cash, saving towards short-term goals, and creating wealth.

In a speech read on his behalf at a colorful launch event at the Accra World Trade Centre by Mr. Ben Ahiaglo, MD of SAS, Togbe Afede XIV, the Executive Chairman of SAS Finance Group, noted that the fund management industry is one of the fastest growing segments of the financial services industry in Ghana. A growing Ghanaian middle class, increasing per capita income over the past two decades, wealth formation and the demand for more investment opportunities have combined to stimulate strong growth in industry assets, with significant room for further growth in mutual funds, wealth management and pensions.

On his part, Mr. Gyakebene Kwasi Amponsem, the Board Chairman of the new Fund, assured investors that in the capable hands of its very professional and experienced board and management, SAS MIDAS Fund would become a household name with the sterling performance it would churn out for investors.

The Head of Business Development and Marketing, Ms. Wasila Yeboah in her presentation, said MIDAS Fund offers people from all social strata opportunities to invest towards financially independent future. According to her, the Fund is targeted mainly at investors with short-term investment objectives, and whose priorities include safety, liquidity, competitive returns and growth.

The MIDAS Fund is a convenient investment vehicle for saving towards expenses such as retirement income, educational expenses, household expenses, the financing of specific projects e.g. holiday trip, purchase of a car or house, mortgage payments, funeral expenses, purchase of church equipment, collateral for a credit facility from a bank, building net worth for an embassy visa application at an embassy, medical expenses, etc.

According to her, with as little as Gh¢10.00, anyone can open a MIDAS Fund account after the IPO. She highlighted that unlike other money market mutual funds in the market, the SAS MIDAS Fund charges no front-load fee and starts off making returns on 100% of deposits made by investors, thereby creating more value for them. On liquidity, she reiterated that investors could deposit and withdraw their money anytime they needed to. She stated that the design of the Fund is the first of its kind in the Ghanaian investment industry and demonstrates why SAS is among the leading investment firms in the country.

In an interview, the Head of Asset Management of the firm, Mr. Anthony Degbato assured investors of the safety of their funds. He stated that for over 24 years, SAS has been a credible investment firm, helping many individual and institutional clients invest toward their future financial goals. “The relatively higher potential return on the Fund compared to that on savings accounts makes SAS MIDAS Fund a better alternative for investors looking at short to medium term investments with low risk profile” he said. Mr. Degbato added that the Fund would invest mainly in money market securities.

The Fund’s IPO ends on 18th January, 2019 and thereafter, will remain open to the general investing public. Interested investors can contact SAS Investment Management Ltd. on Tel: +233 302 661770/900/008, Email: info@sasghana.com or visit the firm’s Customer Service Center at the World Trade Centre, Accra.