OctaneDC Limited has been appointed as the new fund manager of First Fund Limited.
OctaneDC replaced the previous managers of First Fund, TTL Capital Limited on November 1, 2021.
First Fund in a statement to shareholders said "Axis Fund Services Limited has been appointed as the Fund's Administrator to be responsible for the administration of the Fund whiles OctaneDC focuses on the actual management of the Fund".
The fund management agreement between the First Fund Limited and TTL Capital Limited expired on March 29, 2021.
The Board extended the agreement for a further 6 months after which both parties mutually agreed not to continue with the agreement.
A transition team has been put in place by the Board of Directors of the First Fund and has been working to ensure the smooth transition and handing over of the management of the Fund and other relevant records to the new Fund Manager, OctaneDC Limited," the statement said.
"The transition process is expected to be completed by the end of November 2021".
Transparency
OctaneDC in an email to FirstFund shareholders on December 6, 2021, assured that it will remain transparent with the status of investments and also ensure reasonable judgement and care in the retrieval of funds with the Receiver and other issuing houses.
There are some pending redemption payments on records with the former Fund Manager, which we promise we will give immediate attention to. You should expect an email from the Administrator if you fall in this category as per redemption requests that came through by November 01, 2021," the mail reads.
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In the meantime, we will require all shareholders to complete an updated KYC form. Very critical will be active email addresses and reliable phone numbers as these will serve as conduits for communicating with you. We will share this form with you in the coming week".
Background
It will be recalled that on Friday, November 8, 2019, the Securities and Exchange Commission (SEC) withdrew the licenses of 53 fund management companies including First Fund Limited.
The SEC said the affected companies failed to return client funds which remained locked up in, contravention of the investment rules.
Essentially, they have failed to perform their functions efficiently, honestly and fairly and in some cases are in continuing breach of the requirements under relevant securities laws, rules or conditions, despite opportunities provided to them by the SEC within a reasonable period of time to resolve all regulatory breaches,” an SEC statement said.
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