Given the gap in the provision of an ideal trade-off between risk and return, the Directors of EcoCapital Prime Fund set out to introduce a new mutual fund into the Ghanaian market that sought to solve some of these challenges.
The EcoCapital Prime Fund is a money market mutual fund designed to help investors interested in short term investment that provided modest returns with adequate liquidity to solve their investment problem.
The board of directors of the fund were then given approval on 23rd April, 2019 to offer shares in the mutual fund to the public within an Initial Public Offering (IPO) period from 30th July, 2019 to 19th August, 2019 by the Securities and Exchange Commission.
The initial offer to the public to raise a minimum of GHc 500,000 through the issue of a minimum of GHc1 million shares at GHc 0.50 per share.
The event to launch the EcoCapital Prime Fund and open the public offer was held on Monday, July 29, 2019, in Accra, was witnessed by the Fund Manager (EcoCapital Investment Management Limited), the Custodian (Guaranty Trust Bank Ghana Ltd), Securities Industry players and the media.
The fund was unveiled as a money market mutual fund that will invest in Government of Ghana Treasuries, Obligations of Banks, Commercial Paper, Certificates of deposit and other short term obligations of Ghanaian and foreign entities, with the objective of maximizing current income to the extent consistent with the preservation of capital and maintenance of liquidity to meet short term need whiles enhancing shareholders’ wealth to meet medium to long term financial goals.
Madam Solace Fiadjoe, Head of Financial Institutions Group at GT Bank pledged the bank’s commitment to exercise an independent oversight over the actual assets of the Fund and to ensure its strict compliance to approved investment practices. Chief Executive Officer of EcoCapital Investment Management Limited
The Initial Public Offer for the EcoCapital Prime Fund was duly opened and investments into the fund is to be made at any branch of the receiving agents GT Bank (Ghana) Limited and EcoCapital Investment Management Limited.