Following a directive from the Securities and Exchange Commission (SEC) to all Fund Managers to discontinue offering products with guaranteed returns, Gold Coast Fund Management (GCFM), an investment firm and a member of Gold Coast Holding of Groupe Nduom (GN), has announced plans to begin payment to a segment of its individual Structured Finance (SF) clients.
According to a statement issued by management of the company yesterday, the payment, which will start from today, comes ahead of a planned schedule to begin on March 1st, 2019 over a three-year period.
“Beginning this week, about 3,000 customers will be called to receive their investments. They would be expected to come along with evidence of their investments such as investment receipts etc. Payments will continue to various categories of clients from now until all clients are fully paid off or fully migrated unto alternative investment products,” the statement disclosed.
The three-year payment window as proposed will enable the company to complete reconciliation for the entire SF portfolio to give appropriate value to all investment placements, and disinvest all the investments we made with the SF monies in order to make payments to all investors.
Against this background, GCFM assured its clients of the safety of their investments and its commitment in ensuring that no customer loses his/her funds.
Customers, the statement further explained, will have the option of going home with their payments or reinvesting these funds in the company’s mutual fund products—the Gold Money Market Fund (GMMF) or the Gold Fund Unit Trust (GFUT).
According to Gold Coast, its GFUT was currently the best equity fund in the country with a year to date performance of 19.62%, adding that customers can also reinvest their monies in the company’s Gold Money Market Fund (GMMF), “a fixed income fund which has a year to date performance of 15.97%.”
Gold Coast Fund Management, formerly Gold Coast Securities is a full service investment firm established in 1993 and a member of Gold Coast Holding.
The company is licensed by the Securities and Exchange Commission to provide investment advisory and Fund Management Services. It manages the Gold Money Market Fund, the Gold Fund Unit Trust, Pension and Provident Funds on behalf of 800,000 clients.
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