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Databank holds its first virtual annual meeting with stakeholders

Databank one of Ghana’s leading investment bank has held its first virtual meeting with stakeholders to discuss issues of the mutual funds a product and service the bank renders to its clients.

The two-day meeting was held via zoom on Tuesday 14th July and Wednesday, 15th July 2020. The meeting which is usually held every year with stakeholders physically present was moved to a virtual setting due to the outbreak of the global pandemic.

In line with adhering to Governments ban on large public gatherings, the meeting had to be moved to Zoom with a code created for various investors to be able to join the deliberations and also contribute their quota.

The meeting was divided into two categories which include; the Edlfund and Epack which was held on Tuesday and MFund, BFund and ArkFund which was also held on Wednesday saw about 1,200 shareholders participate from countries like; Ghana, Nigeria, Germany, Saudi Arabia, United States of America and the likes.

Addressing the EdlFund shareholders, the Chairman Israel Titi Ofei, revealed that the performance of Ghana’s only two-tiered educational investment fund was quite impressive in 2019.

“EdlFund Tier 1, which is focused on helping clients meet short-term educational needs, recorded a return of 11.44% while EdlFund Tier 2, directed at helping clients attain long-term educational goals, posted a return of 6.87%, the AUM of the Fund also increased from Ghc 30.77 million in 2018 to Ghc 34.69 million at the end of 2019” he said.

Speaking on the performance of Epack, Board Chairman for the Fund, Keli Gadzekpo said the Epack closed the year with a return of -1.11%.

“this return was much better than the Ghana Stock Exchange’s (GSE) return of -12.25% 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, with shareholders in 2019 increasing to 103,487” he noted.

However, Benjamin Gogo, the Chairman of MFund stated that the Fund posted an annualized yield of 15.57%, outperforming the 91-day Treasury bill’s annual yield of 14.70%.

He attributed this to the decision to convert MFund to a Fixed-Income fund in February 2019.

“MFund grew its unit-holder base by 22% to end the year at 178,672, the Fund also witnessed a 6% year-on-year increase in assets under management (AUM) to Ghc 633.64million at the end of 2019” Mr. Gogo added.

Meanwhile, the Group CEO of Databank and Chairman of Databank Balanced Fund (BFund), Kojo Addae-Mensah, informed shareholders about the performance of BFund, which is the best investment option for retirement planning.

“the Fund recorded a return of 7.08% and the shareholders base increased by 7.3% to 25,263 in 2019” he said.

Dr, Joyce Aryee chairman of Databank ArkFund on the final day of the two-day meeting also addressed the shareholders of ArkFund by indicating that, Ghana’s only ethical investment fund recorded a return of 4.30%.

“the fund’s performance was on account of the poor performance of equities during the year. Despite this, the Fund was sustained by its fixed-income holdings. The total number of ArkFund shareholders grew by 8% of 15,781 at the end of 2019” she said.

Shareholders were encouraged to continue to engage with their board members and fund managers to ensure that they remain well-informed about matters relating to their investments.

By Amos Ekow Coffie | talksafrica.com

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