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15.07.2004 Business & Finance

HFC Investment Services launches Equity Fund

By GNA

Accra, July 15, GNA - HFC Investment Services Limited on Thursday launched the HFC Equity Fund, a long-term collective investment scheme with the objective of mobilising funds from the public for investment in shares of listed companies on the Ghana Stock Exchange and other organised markets globally.

The launch brings to three the number of collective investment schemes being run by HFC Bank as part of a family of funds to provide investors with a variety of options to diversify their investments. The other existing funds are the HFC Unit Trust and the HFC Real Estate Investment Trust (REIT).

Mrs Stephanie Baeta-Ansah, Managing Director of the Bank, who launched the Equity Fund at the Annual General Meeting of REIT, said collective investment schemes were the best ways to attract people in the lower income bracket to set aside money for their future needs. She said the fund was so tailored to meet investors' expectations by putting money in a diversified portfolio of securities with the objective of achieving long-term capital growth.

It would also preserve the investors' capital and ensure easy access to funds when needed.

Mrs Baeta-Ansah said investors must put their trust in HFC because they had the knowledge in managing such funds.

She expressed the hope that the Security and Exchange Commission would make sure new companies venturing into collective investment schemes played by the rules of integrity to boost investor confidence.

Mrs Baeta-Ansah said the Fund Managers would use their expertise to minimise risks that might occur from share price volatility as well as risk from interest rate fluctuations.

There are 10 million units of the Fund on offer at 1,000 cedis. Investors are to make a minimum initial subscription of 500 units. Meanwhile, the Fund Value for the HFC Unit Trust increased from 50.5 billion cedis to 79.8 billion at the close of last year. The Number of Unit holders also went up from 5,759 in 2002 to 6,780 last year. Net income was also up by 92 per cent from 5.1 billion cedis in 2002 to 9.8 billion last year. 15 July 04

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