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Gencap hela fund
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sparkly
#11 Posted : Tuesday, April 12, 2016 7:04:38 AM
Rank: Elder

Joined: 9/23/2009
Posts: 8,083
Location: Enk are Nyirobi
jerry wrote:
instinct wrote:
jerry wrote:
I equally have UAP shares with GengHis that could be unsafe.


shares are held at CDSC and are therefore safe

I had already given a sale order although no one is willing to buy these OTC shares. Are OTC shares under CDSC?


Stop asking blonde-ish questions You bought OTC shares but you don't known where they are? Who is supposed to know on your behalf?
Life is short. Live passionately.
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Impunity
#12 Posted : Tuesday, April 12, 2016 8:26:39 AM
Rank: Elder

Joined: 3/2/2009
Posts: 26,331
Location: Masada
sparkly wrote:
jerry wrote:
instinct wrote:
jerry wrote:
I equally have UAP shares with GengHis that could be unsafe.


shares are held at CDSC and are therefore safe

I had already given a sale order although no one is willing to buy these OTC shares. Are OTC shares under CDSC?


Stop asking blonde-ish questions You bought OTC shares but you don't known where they are? Who is supposed to know on your behalf?

Laughing out loudly Laughing out loudly
Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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maka
#13 Posted : Tuesday, April 12, 2016 8:50:02 AM
Rank: Elder

Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
instinct wrote:
sparkly wrote:
pyrex wrote:
Dear Wazuans,
I am seeking advice on investment i made in Genghis Capital(Sister company to Chase Bank) hela fund their Money Market fund.
I have talked to the investment advisor who assures me the investment is safe as chase bank was only the custodian.
Checked CMA website and they equally state the investment is safe.
Just seeking assurance from Wazua colleagues who may also be suffering the same stress
Great day


Theoretically safe but nothing is really safe

Do your research and report here



pyrex, assurances from regulators are not worth the paper they are printed on. hela fund invests in high yielding fixed deposits with small banks. chances that gencap funds were invested in chase bank are 9/10. id advice you liquidate and transfer to another fund.


You are right...the money was invested with Chase the Bank Liar Liar d'oh! d'oh! Pray Pray
possunt quia posse videntur
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Impunity
#14 Posted : Tuesday, April 12, 2016 9:01:06 AM
Rank: Elder

Joined: 3/2/2009
Posts: 26,331
Location: Masada
sparkly wrote:
jerry wrote:
instinct wrote:
jerry wrote:
I equally have UAP shares with GengHis that could be unsafe.


shares are held at CDSC and are therefore safe

I had already given a sale order although no one is willing to buy these OTC shares. Are OTC shares under CDSC?


Stop asking blonde-ish questions You bought OTC shares but you don't known where they are? Who is supposed to know on your behalf?

Laughing out loudly Laughing out loudly
Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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Impunity
#15 Posted : Tuesday, April 12, 2016 9:07:16 AM
Rank: Elder

Joined: 3/2/2009
Posts: 26,331
Location: Masada
maka wrote:
instinct wrote:
sparkly wrote:
pyrex wrote:
Dear Wazuans,
I am seeking advice on investment i made in Genghis Capital(Sister company to Chase Bank) hela fund their Money Market fund.
I have talked to the investment advisor who assures me the investment is safe as chase bank was only the custodian.
Checked CMA website and they equally state the investment is safe.
Just seeking assurance from Wazua colleagues who may also be suffering the same stress
Great day


Theoretically safe but nothing is really safe

Do your research and report here



pyrex, assurances from regulators are not worth the paper they are printed on. hela fund invests in high yielding fixed deposits with small banks. chances that gencap funds were invested in chase bank are 9/10. id advice you liquidate and transfer to another fund.


You are right...the money was invested with Chase the Bank Liar Liar d'oh! d'oh! Pray Pray


I too thought so...if you invest in money market, the fund always invest the money in high yielding FDR and TBills.
Now GenCap having a custodial account at Chase Bank means that they collect all the client money at put it at an account in Chase Bank, once the money is "big" enough to invest, they look for a bank offering the best rates on fixed deposits at that time...that bank could have easily been Chase Bank since I am told Chase was giving upwards of 13.5%, Imperial giving 13% while TBills was 9.5% and the tier 1 banks were averaging at 5%...so pole sana.
Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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DtheK
#16 Posted : Monday, June 06, 2016 4:27:57 PM
Rank: Member

Joined: 2/15/2010
Posts: 166
Location: Kenya
It has been months now and it turns out Chase bank customers were better off than those of us who were hela fund account holders since we still cant access our money.Somebody should really get C.M.A to first give us a status report stating if our cash is still safe and if so a time line on when we can expect to access it like they did for chase bank depositors.
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Chaka
#17 Posted : Monday, June 06, 2016 4:35:18 PM
Rank: Elder

Joined: 2/16/2007
Posts: 2,114
DtheK wrote:
It has been months now and it turns out Chase bank customers were better off than those of us who were hela fund account holders since we still cant access our money.Somebody should really get C.M.A to first give us a status report stating if our cash is still safe and if so a time line on when we can expect to access it like they did for chase bank depositors.

Pole sana..Did they send the May statements?These events have been an eye opener ,ie its not always better to invest with the highest payers..
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Plimsoul
#18 Posted : Monday, June 06, 2016 5:33:00 PM
Rank: Member

Joined: 3/3/2016
Posts: 132
DtheK wrote:
It has been months now and it turns out Chase bank customers were better off than those of us who were hela fund account holders since we still cant access our money.Somebody should really get C.M.A to first give us a status report stating if our cash is still safe and if so a time line on when we can expect to access it like they did for chase bank depositors.


Advantage of pooling funds is better rates. But in this situation, you end up with a large single depositor.

Would be terrible but fascinating if the money market funds (short term, safe investment) ended up as a shareholder in Chase (long long term, risky asset). That's black magic.
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The Great
#19 Posted : Tuesday, June 07, 2016 8:08:53 AM
Rank: Member

Joined: 9/9/2015
Posts: 233
sparkly wrote:
jerry wrote:
instinct wrote:
jerry wrote:
I equally have UAP shares with GengHis that could be unsafe.


shares are held at CDSC and are therefore safe

I had already given a sale order although no one is willing to buy these OTC shares. Are OTC shares under CDSC?


Stop asking blonde-ish questions You bought OTC shares but you don't known where they are? Who is supposed to know on your behalf?

Laughing out loudly Laughing out loudly Laughing out loudly
"Buy when there's blood in the streets, even if the blood is your own."
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DtheK
#20 Posted : Monday, June 27, 2016 2:44:29 PM
Rank: Member

Joined: 2/15/2010
Posts: 166
Location: Kenya
The latest "Dear Client,

We refer to our previous announcement on 8th June 2016 on the upcoming Unit Trust AGM to be held on 28th June 2016 at Goan Gymkhana from 8.30AM.

Kindly note there has been an amendment to the AGM Notice to incorporate the current position of the GenCap Unit Trust Funds.

In this regard, a resolution to ammend the Trust Deed to allow for partial redemption of units by the Fund Manager will be tabled for adoption by Unit Holders at the AGM.

Attached please find the amended AGM Notice/agenda, proxy form and the resolution to be passed at the AGM.

Thank you for your patience and support.

Regards,
"
Will try to attend
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