Stanbic Income Fund to hold first Annual General Meeting
Stanbic Income Fund (SIF), one of Ghana’s leading provident funds, will hold its first annual general meeting (AGM) in Accra on Tuesday, June 12, 2012.
The meeting is to adopt a number of resolutions including the financials of the fund and discuss the 2011 Report of Manager of the Fund, consider the Trustees Report and Report of Auditors for the year ended December 31, 2011.
In addition, it will obtain unit holders approval for the use of electronic media as a mode of publication and communication.
The Fund commenced operations in January 2011 and has since risen to the pinnacle of the provident fund market in Ghana.
Mr Kwabena Boamah, Portfolio Manager at Stanbic Investment Management Services, Managers of the Fund, attributed the fund’s success to a “Diversified fixed income portfolio that has a substantial amount in government bonds and other viable investment options.”
He said the Fund’s management would “continue to hold bonds at current yields and continue to identify cheap short-term papers with upside potential to improve returns.”
SIF is a fixed income open-ended unit trust offered to investors who are seeking to maximise short-term income as well as long-term sustainable income and capital appreciation.
The Fund intends to invest at least 75 per cent of its assets in fixed income securities including corporate and government bonds, fixed deposits and other debt securities and a maximum of 15 per cent of the Fund would be invested in equities with five per cent of the assets in alternative instruments.
Mr Boamah said the Fund managers would continue to undertake rigorous stock selection process to identify underpriced equity that provided long term value.
He urged investors to seek professional advice in making investment decisions and in the management of their investments.
“SIF currently, has 41 per cent of the funds under management in government bonds, 50 per cent in fixed deposits and six per cent in equities,” he stated.
Source: GNA