The Securities and Exchange Commission says it shall engage the 12 respective Trustees and Directors that failed to appoint new fund managers for the management of the Collective Investment Schemes and possible apply a sanction on them.

This sanction will be in accordance with Act 929 of the SEC Act.

“In accordance with Act 929, the SEC concluded that it shall engage the respective trustees and directors, in the interest of investors in order to determine other possible courses of action for unit holders/shareholders of the unit trusts/mutual funds that were unable to meet the requirements of the previous notice and same communicated in due course”, it said in a statement.

The Trustees and Directors of the Mutual Funds and Unit Trusts whose licences were revoked by SEC and have failed to appoint new fund managers are All Time Bond Fund Limited, Galaxy Money Market Fund Limited, Gold Money Market Fund Limited, Nordea Income Fund Limited and Omega Income Fund Limited. Others are Omega Equity Fund Limited, Weston Oil and Gas Fund Limited, EM Balanced Unit Trust and Freedom Fund Unit Trust.

The rest are Gold Fund Unit Trust, McTrust Unit Trust and Uni Securities Unit Trust.

However, six Mutual Funds whose licences were revoked and directed by the SEC to appoint new fund managers for the management of the CIS by 10th January 2020 have done so.

They are CDH Balanced Fund Limited, Sirius Opportunity Fund Limited, First Fund Limited, Heritage Fund Limited, Galaxy Balanced Fund Limited and Ideal Sika Fund Limited.

They have appointed Linx Capital Limited, Waica Re Capital Limited, TTL Capital Limited, OctaneDC Limited and IGS Financail Services Limited to manage the above mutual funds and have notified the SEC of the appointment of the new managers.

Accordingly, the SEC has directed the above-mentioned managers to provide further particulars on their appointment as part of measures to take over managing their new portfolios and engaging the shareholders.