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18th Mutual Fund commences operation shortly

By Elorm DESEWU

The Securities and Exchange Commission (SEC), the statutory regulator of Ghana’s capital market, has licensed the Christian Community Mutual Fund, which becomes the 18th collective investment scheme to be licensed in the country.

BusinessWeek learnt that the Christian Community Mutual Fund will be a hybrid fund that it will invest in both the money market instrument and the capital market.

A mutual fund is a professionally managed type of collective investment scheme which pools money from many investors and invests typically in investment securities such as stocks, bonds, short-term money market instruments, other mutual funds, other securities and commodities, such as precious metals.

Currently, SEC has licensed 11 mutual funds, which are Databank Money Market Fund, SAS Fortune Fund, Anidaso Mutual Fund and Campus Mutual Funds.

The rest are Databank Balanced Fund, iFund Mutual Fund First Fund, Data Bank Ark Fund and, more recently, the Christian Community Mutual Fund.

In addition, SEC has also licensed seven unit trusts, which are HFC Fortune Plant Trust, HFC Equity Trust, HFC Real Estate Investment Trust, Capital Growth Fund, HFC Unit Trust, Gold Fund Unit Trust and the Stanbic Income Fund.

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