By InvestAdvocate

Lagos (INVESTADVOCATE)- Intercontinental Capital Markets Ltd, the Fund Manager of Intercontinental Integrity Fund, Wednesday announced its has commenced transfer of Intercontinental Integrity Funds to Alternative Capital Partners (ACAP).

This is contained in the Notice of Board Meeting of Intercontinental Capital Markets to the Nigerian Stock Exchange (NSE) and made available to www.investadvocateng.com in Lagos Nigeria.

“The Company has notified The Exchange that sequel to the decision to wind up the business operations of Intercontinental Capital Markets Ltd, the Fund Manager of Intercontinental Integrity Fund, the company has identified a reputable Fund Manager – Alternative Capital Partners (ACAP) for this purpose and have commenced the process of transfer” the Notice said.

According to the Notice, ACAP is a Securities & Exchange Commission (SEC) registered operator as an advisory and independent alternatives wealth management firm; a funds/portfolio manager and corporate adviser. ACAP recently concluded the successful takeover of the management of a similar Fund, Oceanic Vintage Fund (now ACAP Canary Growth Fund).

“The Company reiterates its commitment to ensuring that all stakeholders’ interests are protected in the transfer process” the Notice said.

This is coming on the heels of winding up of business operations by Intercontinental Registrars Limited in pursuant to the successful merger between Intercontinental Bank Plc (its parent company) and Access Bank Plc.

The Company said this in a Notice to the Stock Exchange in Lagos Nigeria and advised Shareholders to transfer to their preferred Registrars.

“The Company has informed The Exchange that in pursuant to the successful merger between Intercontinental Bank Plc, (its parent company) and Access Bank Plc, Intercontinental Registrars Ltd consequently became a subsidiary of the enlarged Access Bank Plc” the Notice said.

According to Intercontinental Registrars, at the meeting of its Board of Directors held on Thursday 16th February 2012, it was decided that business operations of Intercontinental Registrars Ltd be wound up. “In the light of this, its business operations are in the process of being transferred to other operators” the Company said.

The Notice further affirmed that Intercontinental Registrars has written to all its clients given them the options to transfer to their preferred Registrars by February 29, 2012 or be migrated to United Securities Ltd if no response is received from them by the said February 29, 2012.

Also, Intercontinental Registrars said that Access Bank has expressed its commitment to ensure that all of the Companies’ obligations to third parties, including any dividends shortfall, are fully met in the course of the company’s winding down of operations.