Fixed Income Terms and Conditions
TERMS & CONDITIONS
1. Net Asset Value (NAV)
Prices are calculated on a NAV basis. The NAV is the total value of all assets in the portfolio, including any income accrual and less any permissible deductions as defined in the prospectus, divided by the number of units in issue. Permissible deductions include brokerage, auditor's fees, bank charges, trustee fees, administrative expenses for the AGM, and the service charge levied by GLICO Fixed Income Fund (“the Manager”).
2. Income Distributions
Income is not distributed from the fund. All earnings are reinvested, which impacts the NAV of the fund. Investors seeking to withdraw earnings must sell part of their units to realize gains.
3. Electronic Transactions
The Client agrees that the Manager is entitled to implement all instructions and applications received via email, fax, or any other electronic medium that appear to emanate from the Client, but only after the Client has signed the email indemnity form.
The Manager is indemnified against any losses, claims, or damages arising from acting on such instructions, even if it is later proved an instruction was not given by the Client. The Client agrees that the electronic records of all such instructions shall constitute prima facie proof of their contents.
4. Payments/Withdrawals
Redemptions will only be paid into an account or via a cheque issued in the name of the Client. No third-party cheque payments will be made unless the Client has expressly instructed the Manager to do so.
5. General
5.1 An investment in the units of this collective investment scheme is not the same as a bank deposit.
5.2 The value of units may go down as well as up. Past performance is not a guide to future performance.
5.3 The Manager undertakes to repurchase units at the prevailing NAV price in accordance with legislation and the relevant deeds.
5.4 Payment will be made within 24 hours of receipt of a valid redemption/withdrawal form.
5.5 There are no entry or exit charges.
5.6 A schedule of charges and maximum charges is available on request from the Manager. Commissions and incentives may be paid and would be included in the overall costs.
5.7 All portfolios are valued daily at 17h00. Investments and redemptions/withdrawals will receive the previous day's closing NAV price. Instructions received on a Saturday, Sunday, or public holiday will receive the price of the following business day.
5.8 A redemption instruction may be sent electronically where the Client has an electronic indemnity with the Manager.
5.9 Investment application forms may be sent electronically but must be confirmed by sending the original to the Manager.
5.10 The Client confirms that neither the Manager nor its staff provided investment advice, and that the Client has considered the investment's appropriateness given their unique objectives, financial situation, and needs.
5.11 Requests for change of particulars must be accompanied by duly certified supporting documentation.
5.12 If this form is signed under a power of attorney, a certified copy of such power must be attached unless previously recorded.
5.13 For trusts, companies, or institutions, a copy of the letter of authority, certificate of incorporation, company resolution, or similar document is required to support account opening.
5.14 The Client agrees to provide all required documentation and understands the Manager is prohibited from processing transactions until all such information is received, unless a completed submission and declaration has been provided.
5.15 Clients will receive quarterly electronic statements unless another frequency is specified.
5.16 Non-residents and Emigrants: Foreign funds must be sent to the Manager's relevant bank account in foreign currency or Ghana Cedis. Clients are responsible for confirming the conversion date or spot rate with their bank. The Manager is not responsible for confirming the conversion date/rate or for the investment until funds appear in its account.
5.17 All deposits must be made into the designated mutual fund bank account.
5.18 The Custodian: First Atlantic Bank Limited, Atlantic Place, No. 1 Seventh Avenue, Ridge West Accra, P.O. Box CT 162, Cantonments Accra, Ghana. Telephone: +233 302 680 925.
5.19 The Manager: GLICO Capital Ltd. is licensed by the Securities and Exchange Commission of Ghana.
5.20 This application form and the relevant custody agreement for the GFIF collective investment scheme constitute the agreement between the Investor and the Manager. Investments will be administered under applicable legislation.
5.21 Contact Details: GLICO Fixed Income Fund, No. 3A Digya Lane, Airport Residential Area, Accra. P.O. Box 4251, Accra, Ghana. Telephone: +233 (0)303 972 870. Website: www.glicocapital.com.
5.22 Business Hours: Transactional business hours are Monday to Friday, 08h00 to 17h00 (excluding public holidays).
5.23 The Manager does not provide any guarantee with respect to capital or the return of a portfolio.
5.24 Redemption rights are subject to suspension.
5.25 Conflicts of Interest: The Manager shall, where possible, avoid conflicts of interest. Where unavoidable, the Manager shall advise the Client in writing at the earliest reasonable opportunity and shall mitigate the conflict.
5.26 Complaints: Complaints regarding services can be sent via email to info@glicocapital.com, by phone at +233 (0)303 972 870, or by post to P.O. Box 4251, Accra.