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FirstFund, a money market fund managed by First Bank Financial services, has maintained its lead as the best performing fund on the market in 2012 closing the year with a yield of 32.73 per cent. This was at least 10 per cent above all other mutual funds in the country, Mr Samuel Annie Asiedu, Fund Manager said this at the third Annual General Meeting in Accra, Thursday. He explained that the performance was ahead of the average 91 and 182 day Treasury Bill rates, which closed the year at 23.12 per cent and 29.99 per cent. The net asset value per share also rose significantly as it began the year at GH� 0.1313 and closed at GH�0.1572 representing an increase of 20 per cent from previous years of recession. Mr Annie Asiedu said 2012 witnessed a strong market activity as the government increased debt financing to meet redemption of maturing bonds as well as to refinance debt at a lower rate correspondingly. In the third quarter of 2012 a total of GH� 5,560.98 million government bonds were traded as compared with GH� 2,706.16 m in the third quarter (Q3) 2011 and noted that this culminated in a bid a ratio of 1.22 in Q3 2012 and 1.26 in Q3 2011. The fund Manager said interest rates on government�s treasure securities took an upward trend across all maturities on the yield curve for 2012. This, he said, was motivated mainly by a rapid depreciation of the Ghana Cedi which � we envisaged was the only tool, which the central government can use to curb currency depreciation." Mr Asiedu said First Fund remained committed to negotiating higher rates on its investment instruments to ensure that the fund retains its award as the �Best Performing Money Market Fund for 2013. Professor Cletus Dordunoo, Board Chairman of the fund said the Asset Under Management (AUM) surged from GH� 3.72 million at the close of 2011 to GH� 6.39 million by the year ending 2012. This represented an increase of approximately 72 per cent he said, adding that at the end of the first quarter of 2012 the AUM of the fund was over GH� 7.68 million with approximately 5,561 unit holders. He said the board and management were proud of their achievement for the year and would continue to focus on building a sustainable fund and develop new product for Ghana�s developing financial industry. In a related development the Heritage Fund, also managed by First Bank Financial Services closed the year at 7.1 per cent as compared to an anticipated 10.4 per cent . Prof John Bright Aheto, who made this known at the 2012 AGM of the Heritage Fund in Accra, explained that the fund�s performance in 2012 was caused by delays in oil production, higher public spending due to elections, coupled with implementation of the Single Salary Spine pay policy forced growth rate to 7.1 per cent. Mr Asiedu, who also manages the Heritage Fund, said that despite the challenges in 2012 the fund recorded a return of 20.90 per cent by year ending 2012 due to strategic mix between fixed income and equity securities in portfolio boosting the fund's returns. FirstBanC Financial Services is a Securities and Exchange Commission -licensed Investment Banking Firm with a mission to help its clients build wealth by providing creative, innovative world class financial services including Fund Management and Advisory Services. As an investment Bank, its vision is to become the premier integrated investment banking firm in Ghana and beyond.