HFC Bank Custody Services says it is poised to lead the market in the next three years with its well-trained and experienced staff.

HFC Bank Custody Services was set up in January 2012 after the Bank had been licenced as a custodian by the Securities and Exchange Commission (SEC).

 It has also been registered as a custodian by the National Pensions Regulatory Authority (NPRA) to offer custodial services pursuant to the National Pensions Act of 2008 (Act 766).

Custody services refer to the administration of securities or financial instruments by a custodian on behalf of a client, who could be the investor or his agent. The services involve the settlement and safekeeping of such securities.

?As a custodian, we hold assets in trust for our clients. We do not own the assets; therefore clients? assets are separated from the bank,? Augustine Kwakye-Agyekum, Advisor of HFC Custody Services, said.

HFC Custody Services, according to him, will form a partnership based on integrity in serving its customers. He advised that when people are looking for a trusted custodian, they should turn to HFC Custody Services because its team is aiming to influence changes in the securities market in the interest of their clients.

Talking about the importance of a custodian, he said it reduces risk on the part of the investor or his/her agents — such as fund managers/ trustees. In addition, it is a regulatory requirement in Ghana following the pension industry reforms.

The services include settlement of GSE trades; settlement of Treasury bills and bonds trades; registration and safekeeping of investments in the nominee?s name; income collection; corporate actions management; proxy-voting services; portfolio valuation; banking services and cash management; and comprehensive reporting to clients and their agents.

Its targetted clients include pension funds (operating in the second and third tiers), fund managers, insurance companies, local broker-dealers, and high net-worth individuals.

Apart from Mr. Kwakye-Agyekum, who has 27 years general banking experience — of which 19 have been in securities services at Standard Bank of South Africa, Barclays Bank, and Standard Chartered Bank — HFC Bank Custody Services? team includes its Head, Kristine Lartey; and Head of Operations, Elias Augustine Dey.

By Benson AFFUL


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