Ugandan investors, both locally and in the diaspora can now enjoy up to 5% beneficial interest on their savings thanks to the launch of the very first Dollar Unit Trust Fund by Old Mutual Investment Group today.
Old Mutual Investment Group is the official sponsor of the Fund, while KCB Bank Uganda Limited and Stanbic Bank Uganda Limited are the official Trustees and Custodians respectively.
Speaking at the launch at the Sheraton Kampala Hotel this morning, the Managing Director, KCB Bank, Edgar Byamah conveyed his excitement about being part of this milestone in the Ugandan Financial sector development.
Byamah said, “As we launch the first Dollar Unit Trust Fund in Uganda, I would like to express our sincere gratitude to Old Mutual Investment Group for appointing KCB Bank Uganda Limited as the Collective Investment Scheme(CIS)Trustee for this Dollar Unit Trust Fund. It is truly an exciting milestone, and we are proud to be a part of this endeavor.”
Byamah further reiterated the implications of such a venture in the development and expansion of the UgandanCapital Markets sector and most especially the Financial Services Industry.
He continued, “This Dollar denominated Fund is an innovative product and an investment opportunity designed to answer to the outcry of those investors who for long have wanted to invest in a US Dollar denominated Fund. This will not only bring attractive returns to these investors but will also contribute to the economic growth and development in Uganda.”.
He urged investors to maximumly use the Dollar Unit Trust Fund’s offers for exposure to global markets.
“This is an excellent platform for investors seeking exposure to global markets through a diversified portfolio that is professionally managed. By pooling funds from investors with similar objectives, we aim to make investing more accessible and affordable for a wider audience while providing significant potential for capital appreciation.”
He concluded with a pledge from KCB Bank UgandaLimited, to always have the interests of the investors at heart.
“As the appointed Collective Investment Scheme Trustee for this Fund, KCB Bank Uganda Limited is committed to ensuring that investor interests are protected, and transparency is always upheld. In line with our commitment to excellence, KCB Bank Uganda will continually strive to provide exceptional service and support to investors. We understand that trust is earned through consistent performance, open communication, and a client-centric approach.
The Director UAP Old Mutual Investment Group, Kenneth Kitariko, added his voice in expressing excitement about the beginning of the Dollar Unit Trust Fund journey.
“This is an excellent platform for Ugandan investors to tap into the global market by utilizing all innovation and access to diversified investments the trust fund brings with it. Let’s embark on this path of financial progress together,”Kitariko.
According to Uganda Capital Markets Authority, 60,000 Ugandan investors both local and in diaspora have a total of shs.2 trillion in Assets Under Management andshs. 1.4 trillion of that is under Old Mutual Investment Group.
KCB Bank Uganda is a commercial bank in Uganda. It is licensed by the Bank of Uganda, the central bank and national banking regulator. The Bank has 14 branches spread across the country,15 ATMs, 405 Bank Agents, and 280 Merchant outlets. Its mission is “To drive efficiency whilst growing market share in order to be the preferred financial solutions provider in Africa with global reach.”