Christian Community Mutual Fund records assets growth
The Christian Community Mutual Fund (CCMF) recorded assets under management growth of GH? 494,174.00 in 2014 as against GH? 476,495.00 in 2013, an increase of 3.7 per cent.
Investment income also rose from GH? 25,944.00 in 2013 to GH? 52,492.00 in 2014.
Reverend Fred Deegbe, Chairman of the Board of Directors, disclosed this at the Fund’s Annual General Meeting in Accra.
He said the CCMF comfortably outperformed the Ghana Stock Exchange Corporate Index of 5.4 per cent but under performed Fixed Income Instruments.
Rev Deegbe said the relatively under performance of the Ghana Stock Exchange in 2014 as compared to 2013 had an adverse impact on the Fund as a substantial portion of the portfolio consists of listed equities.
The Chairman of the Board of Directors said total shareholders increased from 1,548 in 2013 to 1,653 in 2014, signifying addition of 105 new shareholders.
On the equity front, Rev Deegbe appealed to the National Pensions Regulatory Authority to release Tier 2 funds, which have been in its custody since 2010, to private fund managers.
He expressed the hope that the inflow would have a significant impact on the equity markets leading to an increased demand for equities.
Rev Deegbe said the fund also intends to spread its tentacles by bringing in new subscribers not only within the Christian community but to all and sundry including institutional investors.