Regulation 29(1) An approved trustee of a registered scheme shall (a) appoint a pension fund manager to manage the investment of the funds of the scheme; and (b) ensure that the contract for the appointment of the pension fund manager is in conformity with the First Schedule. (2) A person shall not be appointed as a pension fund manager unless that person (a) is a company incorporated in Ghana; and is licensed by the Securities and Exchange Commission as an investment adviser under the Securities Industry Act, 1993 (PNDCL 333); (b) has a paid up stated capital of not less than GH¢200,000 and net assets of at least the same amount or an amount that may be determined by the Authority from time to time; and (c) meets any additional requirement that may be determined by the Authority. (3) The trustee shall in appointing a pension fund manager ensure that(a) the selection and appointment of the pension fund manager is recorded in writing; (b) there is no conflict of interest between the pension fund manager and other persons who have a contractual relationship with the trustee, or any other trustee, that could prejudice the interests of scheme members; (c) the pension fund manager has the resources including human resources necessary to carry on business as a pension fund manager; and(d) the pension fund manager has in place adequate controls and safeguards with respect to the investment of funds of the scheme to project the interests of scheme members.(4) A trustee shall not appoint a person as a pension fund manager in respect of the scheme unless the person is independent of (a) the trustee; and (b) the custodian of the scheme assets.