By Kofi Ahovi
FirstBanC Financial Services, an investment banking firm, has introduced two new products, Heritage Fund and Provident Fund Migration Service (PFMS) to its array of products.
Heritage Fund is an open-ended equity market mutual fund that will invest in a diversified portfolio of listed and unlisted securities as well as money market instruments. Its portfolio would consist of 75% equity and 25% fixed income instruments.
The Initial Public Offer (IPO) which is started last week is expected to end on August 16, 2010. The share price is pegged at GHc0.20 and investors can buy a minimum of GHc20.
The product aims to provide solid growth, sustainable income and long term value for investors in both listed and unlisted equities on the Ghana Stock Exchange and other African stock markets.
The Provident Fund Migration Service (PFMS), first of its kind, is a free service designed to help businesses and institutions, both private and public, to design and restructure their provident funds to comply with the 2008 Pensions Act that ensures retirement income security for Ghanaian workers in the informal and formal sectors of the economy.
Under this service, FirstBanC will review, value and migrate existing provident funds to make them compliant with the Act, including registration with the National Pensions Regulatory Authority (NPRA).
Institutions that do not have provident funds, FirstBanC help them to create and register a scheme with the NPRA.
Institutions that sign up for the FirstBanC PFMS automatically qualify for a mortgage service for the acquisition of a house from the Ghana Real Estate Development Association (GREDA).
Head of Asset Management, Evron Hughes, explained that to attain long term value, shareholders of the fund should hold their investments for a minimum duration of three years to derive maximum benefits.
Launching the products, Fiifi-Kwetey, Deputy Minister of Finance and Economic Planning (MOFEP), reiterated the government’s continuous provision of the enabling environment to ensure the striving of businesses.
He said the single digit inflation and stabilisation in the major currencies were incentives for increased economic activities.
Fiifi-Kwetey encouraged Ghanaians to develop the habit of saving to improve the socio-economic status of both themselves and their children.
Mawuli Hedo, CEO OF FirstBanC, said the idea behind the products was to help Ghanaians plan for their retirement.
"It is simply to live comfortably after you have turned 60 years, to enable your family to still afford the very things you could buy when you were actively working and earning salary as well as to enable your children and grandchildren afford school fees and so on", he said.
FirstBanC Financial Services, an investment banking firm, has introduced two new products, Heritage Fund and Provident Fund Migration Service (PFMS) to its array of products.
Heritage Fund is an open-ended equity market mutual fund that will invest in a diversified portfolio of listed and unlisted securities as well as money market instruments. Its portfolio would consist of 75% equity and 25% fixed income instruments.
The Initial Public Offer (IPO) which is started last week is expected to end on August 16, 2010. The share price is pegged at GHc0.20 and investors can buy a minimum of GHc20.
The product aims to provide solid growth, sustainable income and long term value for investors in both listed and unlisted equities on the Ghana Stock Exchange and other African stock markets.
The Provident Fund Migration Service (PFMS), first of its kind, is a free service designed to help businesses and institutions, both private and public, to design and restructure their provident funds to comply with the 2008 Pensions Act that ensures retirement income security for Ghanaian workers in the informal and formal sectors of the economy.
Under this service, FirstBanC will review, value and migrate existing provident funds to make them compliant with the Act, including registration with the National Pensions Regulatory Authority (NPRA).
Institutions that do not have provident funds, FirstBanC help them to create and register a scheme with the NPRA.
Institutions that sign up for the FirstBanC PFMS automatically qualify for a mortgage service for the acquisition of a house from the Ghana Real Estate Development Association (GREDA).
Head of Asset Management, Evron Hughes, explained that to attain long term value, shareholders of the fund should hold their investments for a minimum duration of three years to derive maximum benefits.
Launching the products, Fiifi-Kwetey, Deputy Minister of Finance and Economic Planning (MOFEP), reiterated the government’s continuous provision of the enabling environment to ensure the striving of businesses.
He said the single digit inflation and stabilisation in the major currencies were incentives for increased economic activities.
Fiifi-Kwetey encouraged Ghanaians to develop the habit of saving to improve the socio-economic status of both themselves and their children.
Mawuli Hedo, CEO OF FirstBanC, said the idea behind the products was to help Ghanaians plan for their retirement.
"It is simply to live comfortably after you have turned 60 years, to enable your family to still afford the very things you could buy when you were actively working and earning salary as well as to enable your children and grandchildren afford school fees and so on", he said.
Comments