- Prestige Capital Limited wishes to notify all our clients about changes to our Time Placement Product where a fixed interest is paid on placed funds. As per the attached copy of a directive from Securities and exchange Commission (SEC) who are the regulators of the capital market, all investment products which appears to guarantee specific return on investment should no longer be offered by fund managers.
- In view of the above, coupled with the conversion of investments placed with CBG by us and other institutions we placed funds with into a 5-Year paper as indicated in the attached brief minutes of the meeting Fund Managers had with CBG, there is the urgent need for us to restructure our operations. This restructure process in the face of the reforms in the financial sector will help us secure our investors funds and also stay in business. As such, we wish to discontinue our retail guaranteed short term placement products. We have invested funds mostly in medium and long term instruments.
- To enable us continue with our investments as indicated in (2) above, and given the medium and long tenor of the investments made, we will have to enter into a new fund management agreement with you for a three year maximum period, subject to a 1 year review of our operations and investment performance starting from November 1, 2018. This three-year period will help the company restructure our investment portfolio to be able to absorb further shocks in the financial sector and steadily grow your investments.
- New business from our clients and potential clients shall be invested in our new “Wealth Management Investment Fund” which does not guarantee returns but returns paid based on the performance of the pool of investments targeted at 200 basis points above the risk free rate.
- If you have any questions on this new fund management arrangement, kindly contact us using any of the telephone numbers and/or email addresses here.
- We thank you for your cooperation and look forward to doing more business with you into the future.