Once a subsidiary of the CDH Financial Holdings group with a pioneering balanced fund, the firm now known as InterMarket Asset Management Ltd. has navigated one of the most turbulent periods in Ghana‘s financial history—including a 2005 license revocation and a 2019 SEC shutdown—to re-emerge as a licensed fund manager with a mandate to manage pensions, unit trusts, and private wealth. Now operating under a new corporate identity and new leadership, the question is whether this phoenix can rebuild the trust it lost.
Executive Introduction
In the annals of Ghana‘s financial services industry, few institutions have experienced the dramatic highs and lows of the entity that began as CDH Asset Management Limited. From its origins as part of the CDH Financial Holdings group—itself a prominent non-bank financial institution—the firm has weathered a licence revocation in 2005, a corporate restructuring, and most recently, the SEC‘s 2019 industry-wide shutdown of 53 fund management companies .
Today, the firm operates under a new name—InterMarket Asset Management Ltd. —and a new corporate identity . It is no longer a subsidiary of the CDH Financial Holdings group but stands as a wholly-owned Ghanaian investment management company, regulated by the Securities and Exchange Commission (SEC) and licensed by the National Pensions Regulatory Authority (NPRA) .
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The firm’s product suite is comprehensive: it manages Tier II and Tier III pension funds, provident funds, welfare funds, unit trusts (including the CDH Balanced Fund), equities portfolios, and private wealth for high-net-worth individuals . It is also a registered member of the Ghana Stock Exchange, providing brokerage and dealing services .
But the shadow of the past lingers. InterMarket Asset Management is listed among the 53 firms whose licences were revoked by the SEC in 2019, a purge that affected over 56,000 investors and GHS 8 billion in assets . While the firm has since been re-licensed, the reputational damage of being associated with a mass revocation is significant.
For investors, corporate trustees, and market observers, InterMarket Asset Management represents a case study in post-crisis rehabilitation. It is a firm with a long history—dating back to the 1990s—and a deep institutional memory, but also one that must now rebuild trust from a damaged foundation. This profile examines the firm‘s origins under CDH Financial Holdings, its 2005 collapse and 2019 revocation, its post-restructuring re-emergence as InterMarket Asset Management, its current product suite, the leadership of Seth Aryitey and A. Aryeetey, and the critical question: Can a rebranded asset manager shed the liabilities of its past and convince investors that it is a safe pair of hands?
The CDH Legacy: From Discount House to Asset Management
The CDH Financial Holdings Structure (1998)
The CDH name in Ghana traces its roots to the Consolidated Discount House (CDH) , a non-bank financial institution that played a significant role in Ghana‘s money and capital markets from the 1990s .
In 1998, CDH announced a major restructuring, incorporating a holding company called CDH Financial Holdings Limited, which would provide managerial and financial services to three subsidiary companies :
| Subsidiary | Function |
|---|---|
| CDH Discount Limited | Traditional discount house services; active secondary trading of money market instruments |
| CDH Securities Limited | Securities brokerage and dealing |
| CDH Asset Management Limited | Asset management (to be incorporated) |
At the time, CDH Financial Holdings Limited was a listed member of the Ghana Stock Exchange and offered a broad range of financial services to corporate and retail clients in brokerage, asset management, corporate finance, and advisory services .
The Managing Director of CDH Financial Holdings Limited, Mr. Fred Apaloo, explained that the new corporate structure formalised a new corporate mission “which seeks to re-position the company as a broad-based financial services company with an investment banking focus” .
CDH Asset Management: The Asset Management Arm
CDH Asset Management Limited was established as the dedicated asset management subsidiary of the CDH group . Its mandate was to manage collective investment schemes, pension funds, and private wealth portfolios.
The flagship product was the CDH Balanced Fund, an open-ended mutual fund that invested in equity securities listed on the Ghana Stock Exchange and fixed income securities. The Balanced Fund was designed with the objective of preserving and enhancing shareholders’ wealth to meet medium to long-term financial goals, while creating liquidity to meet short-term needs .
The firm also offered unit trusts (open-ended investment structures that allow funds to hold assets and pass profits through to individual owners), provident funds, pension schemes (Tier II and Tier III under the National Pensions Act, 2008), welfare funds, and retail investment services for high-net-worth individuals .
The Enduring Balanced Fund
Despite the corporate turmoil that would follow, the CDH Balanced Fund—now managed under InterMarket Asset Management—remains a core product. The fund is described as an open-ended mutual fund that invests primarily in equity securities listed on the Ghana Stock Exchange (GSE) and fixed income securities .
The Balanced Fund‘s objective is unchanged from its original mandate: preserving and enhancing shareholders‘ wealth to meet medium to long-term financial goals while creating liquidity to meet short-term needs .
The First Collapse: 2005 Licence Revocation
The Serious Fraud Office Investigation
The first major crisis for CDH Asset Management occurred in 2005. The Serious Fraud Office (SFO) investigated the collapse of CDH Discount Limited and CDH Asset Management Limited .
According to the SFO‘s 2004 Annual Report, the state lost billions of cedis due to impropriety on the part of state institutions. The SFO‘s investigation revealed gross violations of the regulations governing the operations of non-banking financial institutions in Ghana .
Key findings from the SFO investigation included :
| Violation | Details |
|---|---|
| Illegal loan transactions | Loans in both cedis and foreign currency in contravention of the Exchange Control Act, 1961 (Act 71) and the Financial Institutions (Non-Banking) Law |
| Total loan amount | USD 4.450 million in foreign currency and GHS 119 billion in cedis |
| Conflict of interest | USD 4 million of the foreign currency loan was contracted to Ghana Airways Limited while the Managing Director of CDH Discount Limited was a member of the board of Ghana Airways |
In April 2005, the Bank of Ghana revoked the licence of CDH Discount Limited for reasons including insolvency and illiquidity . Simultaneously, the Securities and Exchange Commission (SEC) revoked the licence of CDH Asset Management Limited .
The Bank of Ghana subsequently requested the SFO to study its Inspection Report and ascertain if the violations of banking laws indicated serious fraud against shareholders and depositors of the companies .
This 2005 collapse was the first major blow to the CDH brand. However, the asset management business would later be resurrected under new ownership and management.
The CDH Defence Empowerment Programme (CSR)
Despite the corporate turmoil, the CDH group maintained a significant corporate social investment programme, the CDH Defence Empowerment Programme (DEP) , which supported the Ghana Armed Forces.
In 2017, CDH Asset Management Limited provided a cash sponsorship of GH¢15,000 towards the joint graduation for Course 36 (Senior Division) and Master‘s degree programme in Defence and International Politics at the Ghana Armed Forces Command and Staff College (GAFCSC) .
Speaking at the presentation, the Executive Director of CDH Asset Management Limited, Seth Aryitey, said the CDH Group had been unrelenting in its support for the Armed Forces because of the company‘s belief in the mandate of the Ghana Armed Forces and the importance of its mission to Ghana‘s peace and security .
Aryitey stated : “We believe the onus lies on both government and corporate Ghana to create the conducive environment for the building of a robust and reliable armed forces. Apart from the fact that it shows patriotism, it makes business sense to invest in peace and security; after all our businesses can only thrive when our peace and security are ensured and safeguarded by the armed forces.”
The Commandant of the GAFCSC, Rear Admiral Amoama, recognised the immense contributions of the CDH Group to the College and the nation‘s economy .
This CSR activity indicates that the CDH Asset Management brand remained active and engaged in corporate citizenship in the years following the 2005 restructuring, suggesting that the asset management business was reconstituted under new management while retaining the CDH name.
The 2019 SEC Shutdown: A Second Devastating Blow
The Industry-Wide Purge
In 2019, the Securities and Exchange Commission (SEC) announced the revocation of licences of 53 fund management companies in Ghana, a sweeping action aimed at “protecting the integrity of the securities market and investors“ .
Among the 53 firms whose licences were revoked was Intermarket Asset Management Limited (formerly CDH Asset Management) .
According to the SEC, the 53 firms controlled at least 56,000 investors with a combined asset of GHS 8 billion . The government needed an additional GHS 4.3 billion to settle all claims of investors of the defunct fund management firms, after already releasing GHS 5 billion .
The Aftermath: InterMarket Asset Management Re-emerges
Following the 2019 revocation, the firm appears to have undergone a restructuring and rebranding. It is now known as InterMarket Asset Management Ltd. , operating as a wholly-owned Ghanaian investment management company .
The firm is regulated by the SEC and licensed by the NPRA, and it offers an array of fund management services, including management of pension and other institutional funds, provident funds, personal retirement, and other mutual funds .
The company‘s website (cdhgroup.co) now redirects to InterMarket Asset Management, and the firm explicitly states that it is “formerly CDH Asset Management Ltd” .
CDH Balanced Fund: Still in Operation
Despite the corporate rebranding, the CDH Balanced Fund remains a product offering under InterMarket Asset Management . The fund maintains its original mandate as an open-ended balanced mutual fund investing in GSE-listed equities and fixed income securities
The continuity of the Balanced Fund suggests that while the corporate entity was restructured and rebranded, the underlying investment vehicles may have been ring-fenced and preserved for investors.
InterMarket Asset Management Today: Products and Services
Regulatory Standing
InterMarket Asset Management Ltd. is regulated by two key authorities :
| Regulator | Licence/Permission |
|---|---|
| Securities and Exchange Commission (SEC) | Fund management licence |
| National Pensions Regulatory Authority (NPRA) | Licensed to manage Tier II and Tier III pension funds |
The firm is also a registered member of the Ghana Stock Exchange (GSE) and offers dealing and brokerage services .
Product and Service Offerings
According to the firm‘s website, InterMarket Asset Management offers the following products and services :
1. Unit Trusts
Open-ended investment structures that allow funds to hold assets and pass profits through to individual owners rather than reinvesting them back into the fund. The investor is effectively the beneficiary under the trust.
2. Equities
The firm diversifies funds of designated clients by buying stakes in both listed and unlisted companies. The firm conducts extensive analysis of target companies and, based on findings and clients‘ investment profiles, allocates funds among a range of equities.
3. Provident Funds
Periodic contributions, deducted from the income of workers of institutions, are lumped together and invested for a period. Employers may contribute to the fund to enhance the fund‘s value for the benefit of the employees involved.
4. Pension Scheme
InterMarket Asset Management is a private fund manager, licensed by the NPRA. The company manages the Tier II and Tier III pension funds of employees of client companies in accordance with the National Pensions Act, 2008 (Act 766).
5. Retail Investment Services
Tailor-made investment management services for individual, high-net-worth investors. Client funds are diversified and managed to achieve specific client investment objectives.
6. Welfare Funds
Investments by members of formal or informal groups, including groups of workers of an institution, associations, students, families, etc.
7. Balanced Fund (CDH Balanced Fund)
The CDH Balanced Fund is an open-ended mutual fund that invests primarily in equity securities listed on the Ghana Stock Exchange (GSE) and fixed income securities. The fund‘s objective is to preserve and enhance shareholders‘ wealth to meet medium to long-term financial goals while creating liquidity to meet short-term needs .
8. Private Wealth
A portfolio committed to enhancing the financial well-being of affluent individuals through custom strategies and bespoke products that produce life-long goals .
Leadership and Management
Executive Team
The Chief Finance Officer serves as the primary contact for the firm, based at the corporate office in Accra . The management team includes experienced investment professionals who manage the firm‘s assets across fixed income, equities, and collective investment schemes.
Seth Aryitey was identified as the Executive Director of CDH Asset Management Limited in 2017 . At the time, he spoke on behalf of the CDH Group regarding the firm‘s sponsorship of the Ghana Armed Forces graduation ceremony . It is unclear whether he remains with the restructured InterMarket Asset Management.
A. Aryeetey is listed as a Director associated with InterMarket Asset Management, though his specific role and tenure are not publicly detailed .
Contact Information
| Detail | Information |
|---|---|
| Corporate Office | P.O. Box 14911, Accra, Ghana |
| Phone | +233 030 |
| Website | cdhgroup.co (redirects to InterMarket Asset Management) |
| Parent | None (independent, formerly part of CDH Financial Holdings) |
Market Position and Competition
The “Big Players“ of Ghanaian Asset Management
Ghana‘s asset management industry is dominated by a mix of bank-owned trustees and independent firms.
| Firm | Ownership | Key Strengths | InterMarket‘s Position |
|---|---|---|---|
| InterMarket Asset Management | Independent (formerly CDH) | Long history, Balanced Fund, NPRA-licensed pension manager | The Post-Restructuring Player |
| Databank Asset Management | Independent (Databank Group) | Largest mutual fund provider, strong brand recognition | The Market Leader |
| GCB Capital | Bank-owned (GCB Bank) | Largest indigenous bank backing, pension expertise | The State-Backed Competitor |
| Petra Trust | Independent | 22%+ returns, GH¢5.4B AUM, technology focus | The Performance Leader |
Competitive Advantages
1. Long History and Institutional Memory:
Despite the corporate restructurings, the CDH name has been associated with Ghana‘s financial markets since the 1990s. The firm has deep relationships with institutional clients and a track record of managing pension funds.
2. NPRA Licence:
InterMarket Asset Management is a licensed pension fund manager, authorised to manage Tier II and Tier III pension funds under the National Pensions Act . This licence is a valuable asset, as the pensions market is large and growing.
3. Product Diversity:
The firm offers a comprehensive suite of products: unit trusts, equities, provident funds, pension schemes, welfare funds, a balanced fund, and private wealth services . This diversity allows it to serve a wide range of clients.
4. GSE Membership:
As a registered member of the Ghana Stock Exchange, the firm can execute trades for its clients directly, providing integrated asset management and brokerage services.
5. CDH Balanced Fund:
The Balanced Fund is a recognised product in the Ghanaian market. Its continuity through the corporate restructuring suggests that the underlying assets may have been preserved for investors .
Competitive Disadvantages
1. Reputational Damage (2019 SEC Revocation):
InterMarket Asset Management is listed among the 53 firms whose licences were revoked by the SEC in 2019 . For potential clients, this association is a significant liability. The firm must work hard to convince investors that it has addressed the compliance and governance issues that led to the revocation.
2. Brand Recognition (Post-Rebrand):
The transition from CDH Asset Management to InterMarket Asset Management is relatively recent. The new brand does not yet have the recognition or trust that the old CDH name once commanded.
3. Limited Public Financial Data:
As a private company, InterMarket Asset Management does not publicly disclose its Assets Under Management (AUM), revenue, or profitability. This lack of transparency makes it difficult for potential clients to assess the firm‘s financial health.
4. Historical Baggage (2005 Collapse):
The 2005 collapse of CDH Discount Limited and the revocation of CDH Asset Management‘s licence remains a historical stain. While the firm has restructured, the memory of past failures may deter risk-averse investors.
Challenges and Risks
No analysis of InterMarket Asset Management is complete without acknowledging the significant headwinds it faces.
Risk 1: Reputational Damage from 2019 SEC Revocation
The 2019 revocation of InterMarket Asset Management‘s licence is the most significant challenge facing the firm. Even though the firm has been re-licensed, the stigma of being associated with a mass revocation of 53 fund management companies—which affected 56,000 investors and GHS 8 billion in assets—will take years to overcome.
Mitigation: The firm has rebranded and is now operating under the InterMarket name. It must demonstrate consistent regulatory compliance, transparent reporting, and strong investment performance to rebuild trust.
Risk 2: Historical Baggage (2005 CDH Collapse)
The 2005 collapse of the CDH group, which included the revocation of CDH Asset Management‘s licence, remains part of the firm‘s institutional history . While the current entity may have different ownership and management, the association with past failures is a liability.
Mitigation: The firm should clearly communicate the corporate restructuring that has taken place and differentiate the current management and governance from the past.
Risk 3: Competition from Bank-Owned and Independent Trusted Brands
InterMarket Asset Management competes with well-capitalised bank-owned trustees (GCB Capital, Republic Trust) and established independent firms with strong brand recognition (Databank, Petra Trust). These competitors have not experienced licence revocations and do not carry the same reputational baggage.
Mitigation: The firm must compete on price, service, and niche expertise (e.g., the CDH Balanced Fund) rather than brand recognition.
Risk 4: Limited Transparency
The firm does not publicly disclose its Assets Under Management, its client base, or its financial performance. For institutional investors, this lack of transparency is a barrier to engagement.
Mitigation: The firm should consider publishing annual reports, fund fact sheets, and AUM data to build credibility.
Risk 5: Economic Headwinds
Ghana‘s economy, while recovering, remains vulnerable. High inflation, cedi depreciation, and fiscal pressures affect investment returns. A poorly performing Balanced Fund would further damage the firm‘s reputation.
Mitigation: The portfolio management team must demonstrate skill in navigating volatile markets.
Future Outlook
As of June 2026, InterMarket Asset Management is in a rebuilding phase. The firm has secured its regulatory licences, rebranded, and is actively offering its full suite of products. However, the path to regaining market trust is long.
The Immediate Agenda (2026-2027)
-
Rebuild Trust: Demonstrate consistent regulatory compliance, transparent reporting, and strong investment performance.
-
Stabilise the Balanced Fund: Ensure that the CDH Balanced Fund delivers competitive returns and retains its existing investor base.
-
Grow Pension Mandates: Leverage the NPRA licence to win new corporate pension mandates.
-
Expand Retail Investor Base: Use the unit trusts and retail investment services to attract individual investors.
-
Enhance Transparency: Publish fund fact sheets, annual reports, and AUM data.
The Bull Case (Optimistic)
-
Trust Rebuilt: The firm successfully distances itself from the 2019 revocation. New clients judge the firm on its current performance and compliance, not its past.
-
Pension Mandates Grow: InterMarket wins several corporate pension mandates. AUM grows to GHS 1 billion+.
-
Balanced Fund Outperforms: The CDH Balanced Fund delivers 20%+ returns, attracting new investors.
-
Parent Bank or Strategic Investor Acquires Stake: A reputable financial institution acquires a stake in InterMarket, providing capital and credibility.
The Bear Case (Pessimistic)
-
Reputational Damage Persists: Institutional investors continue to associate the firm with the 2019 revocation. AUM stagnates.
-
Regulatory Scrutiny: The SEC maintains heightened scrutiny of the firm, creating compliance burdens.
-
Pension Mandates Elusive: Corporate trustees prefer established, reputable firms like Petra Trust or GCB Capital.
-
Balanced Fund Underperforms: Poor returns lead to investor redemptions.
The Verdict
InterMarket Asset Management Ltd. (formerly CDH Asset Management) is a firm with a long and complicated history. It has survived two licence revocations—one in 2005 and one in 2019—and has re-emerged under a new corporate identity.
The firm‘s current product suite is comprehensive: unit trusts, equities, provident funds, Tier II and Tier III pension schemes, welfare funds, a Balanced Fund, and private wealth services . It is regulated by the SEC and licensed by the NPRA. It is a registered member of the Ghana Stock Exchange.
But the firm‘s greatest challenge is not operational or financial; it is reputational. Being listed among the 53 firms whose licences were revoked by the SEC in 2019 is a stain that cannot be erased by a simple rebrand . The 2005 collapse of the CDH group adds historical baggage .
For the Ghanaian investor seeking a safe pair of hands for their pension or savings, InterMarket Asset Management is not likely to be the first choice. Competitors like Petra Trust (with 22%+ returns and GH¢5.4 billion AUM), Databank (with decades of trust and the largest mutual funds), and the bank-owned trustees (with the backing of their parent banks) have stronger reputations and more transparent operations.
InterMarket Asset Management is not trying to be the largest asset manager in Ghana. It is trying to survive and rebuild. Whether it can succeed depends on its ability to convince investors that the past is truly behind it.
FAQ SECTION
1. Is CDH Asset Management still in operation?
CDH Asset Management Ltd. is no longer operating under that name. The firm has been rebranded as InterMarket Asset Management Ltd. , a wholly-owned Ghanaian investment management company regulated by the SEC and licensed by the NPRA .
2. What happened to CDH Asset Management?
CDH Asset Management had its licence revoked by the SEC in 2005 following the collapse of the CDH Financial Holdings group. It was later reconstituted. In 2019, InterMarket Asset Management (formerly CDH Asset Management) was among 53 fund management firms whose licences were revoked by the SEC as part of an industry-wide cleanup .
3. Does the CDH Balanced Fund still exist?
Yes. The CDH Balanced Fund remains a product offered by InterMarket Asset Management Ltd. It is an open-ended mutual fund that invests primarily in equity securities listed on the Ghana Stock Exchange and fixed income securities .
4. Who owns InterMarket Asset Management?
InterMarket Asset Management is a wholly-owned Ghanaian investment management company. It is no longer part of the CDH Financial Holdings group .
5. Is InterMarket Asset Management regulated?
Yes. InterMarket Asset Management is regulated by the Securities and Exchange Commission (SEC) and is a licensed pension fund manager authorised by the National Pensions Regulatory Authority (NPRA) . The firm is also a registered member of the Ghana Stock Exchange.
6. What products does InterMarket Asset Management offer?
The firm offers unit trusts, equities portfolios, provident funds, Tier II and Tier III pension schemes, welfare funds, the CDH Balanced Fund, and private wealth services for high-net-worth individuals .
7. Who is Seth Aryitey?
Seth Aryitey was the Executive Director of CDH Asset Management Limited in 2017, when he represented the firm at a sponsorship event for the Ghana Armed Forces Command and Staff College . It is unclear whether he remains with the restructured InterMarket Asset Management.
8. What was the CDH Defence Empowerment Programme?
The CDH Defence Empowerment Programme (DEP) was a corporate social investment initiative intended to support selected strategic projects and programmes of the security services in Ghana, including sponsorship of the Ghana Armed Forces Command and Staff College graduation ceremony .
9. How can I contact InterMarket Asset Management?
The corporate office is located at P.O. Box 14911, Accra, Ghana. Phone: +233 030. Website: cdhgroup.co (redirects to InterMarket Asset Management) .
10. Is InterMarket Asset Management a safe choice for my pension?
InterMarket Asset Management is a licensed pension fund manager authorised by the NPRA. However, potential investors should conduct their own due diligence and consider the firm‘s history of licence revocations before making a decision .
QUICK FACTS BOX
| Item | Details |
|---|---|
| Current Legal Name | InterMarket Asset Management Ltd. |
| Formerly Known As | CDH Asset Management Ltd. |
| Headquarters | P.O. Box 14911, Accra, Ghana |
| Ownership | Wholly-owned Ghanaian investment management company |
| Regulators | SEC (Fund Management), NPRA (Pension), GSE Member |
| Key Products | CDH Balanced Fund, Unit Trusts, Tier II/III Pensions, Provident Funds, Welfare Funds, Private Wealth, Equities |
| Key Historical Event (2005) | Licence revoked by SEC following CDH group collapse |
| Key Historical Event (2019) | InterMarket Asset Management among 53 firms with licences revoked by SEC |
| Key CSR Initiative | CDH Defence Empowerment Programme (Ghana Armed Forces sponsorship) |
| Former Parent | CDH Financial Holdings Ltd. (dissolved/restructured) |
| Phone | +233 030 |
| Website | cdhgroup.co (redirects to InterMarket Asset Management) |
Source: Accra Street Journal
Last Updated on June 8, 2026 by Samuel Kwame Boadu
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Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.
