Client base of First Fund increases

The client base of the First Fund Limited (FFL), a money market instrument, increased from 5,670 in 2012 to 6,990 in 2013 at the rate of 23.28 per cent.

The fund closed the year 2013 with a yield of 34.58 per cent, outperforming the Government of Ghana-issued treasury bills, Prof. Cletus Dordunoo, Board Chairman of the FFL, has announced. 

Prof. Dordunoo, who  made the remarks at the fourth annual general meeting (AGM) of the fund, said the fund had made more progress in increasing the asset under management (AUM) of the fund.

“The AUM surged from GH¢6,395,793.55 from the beginning of 2013 to GH¢12,992,907.50 by the close of the year. This represents a growth in value of 103 per cent over the period,” he said.

He encouraged unit holders of the fund to continue with their investments in the fund, and informed the unit holders that the management and board were working hard to make available fund statements through their website.

“In the meantime we will continue to send quarterly statements to you through your emails, as well as send SMS alerts whenever you make a purchase or top up your investment,” he said.

Prof. Dordunoo also gave the assurance that the board and management remained committed to successfully managing the fund “as the best market fund in Ghana for a very long period”.

Fund investment

In his address, the Fund Manager, Mr Samuel Asiedu, said the fund had maintained its lead as the best performing money market fund on the Ghanaian market.

He said the investment strategy in 2014 would be to invest funds in short-term securities such as the 91 and 182 day certificates of deposits, “especially during the first half of the year”.

“We will monitor how interest rates unfold and respond with appropriate tenures for our investments. We believe that the government will mop up spare funds from the treasury market to fund development projects which may push up interest rates,” he said.

Mr Asiedu gave the assurance that the management would continue to monitor the macroeconomic indicators to guide investment decisions to ensure maximum returns and minimise risk.

Some of the unit holders who attended the AGM commended the board and management for their sterling leadership. The majority of the unit holders also voted in three more directors to the board of the FFL.