Databank holds first virtual AGM

by Business Zone

Databank Group has organized its 2019 Annual General Meetings for its mutual funds clients via Zoom.

The meetings, which were organised for the first time virtually in adherence to Government’s ban on large public gatherings, proved to be a success with over 1,200 shareholders participating. Meetings were held for EdIFund and Epack, MFund, BFund and ArkFund.

As the meetings were virtual, shareholders were able to participate from across Ghana, as well as other countries including the United Kingdom, the United States of America, Germany, Nigeria and Saudi Arabia.

Shareholders expressed their utmost satisfaction at the general organisation of the meetings, especially clients abroad who were able to join the meetings for the first time because they were held virtually. Others commended Databank for their consistency in solid fund management and for a well-organised program.

They advocated for Databank to hold its subsequent Annual General Meetings virtually.

Addressing the EdIFund shareholders, the Chairman, Israel Titi Ofei, revealed that the performance of Ghana’s only two-tiered educational investment fund was quite impressive in 2019. EdIFund Tier 1, which is focused on helping clients meet short-term educational needs, recorded a return of 11.44 percent while EdIFund Tier 2, directed at helping clients attain long-term educational goals, posted a return of 6.87 percent.

The AUM of the Fund also increased from GHC 30.77 million in 2018 to GHC 34.69 million at the end of 2019.

Speaking on the performance of Epack, Ghana’s first and only Pan-African equity mutual fund, Board Chairman for the Fund, Keli Gadzekpo, stated that Epack closed the year with a return of -1.11 percent.

This return was much better than the Ghana Stock Exchange’s (GSE) return of -12.25 percent and was a result of the mixed performance of African markets in 2019.

Mr. Gadzekpo added that the Fund’s holdings in South Africa, Kenya, Mauritius and Malawi contributed positively to the Fund’s comparatively better performance against the GSE.

Group CEO of Databank and Chairman of Databank Balanced Fund (BFund), Kojo Addae-Mensah, informed shareholders about the performance of BFund, the best investment option for retirement planning. The Fund recorded a return of 7.08 percent and the shareholder base increased by 7.3 percent to 25,263 in 2019.

Source: BusinessZone Online

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