HFC, five others back out of fund management

Six financial institutions engaged in fund management in the capital market have voluntarily requested to cease operations, Starrfmonline.com has gathered.

They are; HFC Capital Partners Limited, Attai Capital Limited, Serengeti Capital Limited, Indigo Investment Management Limited, Verit Investment Advisory Limited and Waxson Investment and Pension Management Limited.

Confirming the development in a statement dated January 29, the Securities and Exchange Commission said it has after “a thorough assessment of the circumstances, approved their requests.”

“The above companies are therefore not mandated to carry out any Fund Management activities. Consequently, the Commission wishes to inform the general public that anyone who engages in any transaction with any of these companies or their representatives, in their capacity as Fund Managers could be exposing him/herself to avoidable risk,” the statement added.

The Commission further assured all investors, market operators and the general public that it is committed to ensuring rigorous enforcement of all the rules for operators in the capital market in order to promote the growth and development of an efficient, fair and transparent securities market in which investors and the integrity of the market are protected.