Funds under UTT-AMIS register impressive 34 per cent growth

DAILY NEWS Reporter

THE Funds under the UTT Asset Management and Investor Services (UTT-AMIS) for the five schemes have grown 34.36 per cent to 240.1bn/- in the year ended June 2015, from 178.7bn/- posted in the corresponding period last year.

The UTT-AMIS Board Chairman, Prof Joseph Kuzilwa, said in Dar es Salaam at the weekend during the 10th Annual General Meeting (AGM) that the performance for the year under review has been impressive.

“Returns to investors have exceeded their performance benchmarks while at the same time the Fund has continued to grow in size,” he said. He added, “During the year, the Fund has continued to attract new investors mainly on account of growing public confidence and awareness on the benefits of investing in collective investment schemes.”

The number of investors also continued to grow reaching 118,811. He said UTT-AMIS is implementing several projects aimed at automating most of its operations. Activities in the projects have included procurement of partners for new systems, procuring new hardware and software.

It also plans to upgrade the existing software, training of personnel and enhancement of communication infrastructure. Upon completion of the projects in the next few months investors will be able to carry out most of the transactions through mobile devices where internally, the asset management process and accounting records will be fully automated.

During the period under review, Umoja Fund size has grown by 30 per cent to 212.46bn/- from 163.9bn/- last year while the number of investors in the Fund has grown to 108,506 from 107,376.

The impressive growth is attributed to improved public awareness on the benefits of the Fund, good performance of the financial markets, good investment decisions by Manager and support of various stakeholders. Jikimu Fund registered outstanding growth of 73 per cent to 20.84bn/- in the period under review from 12.03bn/- in the previous year.

The number of investors has increased to 1,141 from 948. Wekeza Maisha posted robust growth of 23 per cent to 3.44bn/- from 2.80bn/-. Watoto Fund registered strong growth performance of 44 per cent to 2.46bn/- from 1.85bn/- while the Liquid Fund recorded marginal growth of 0.03 per cent to 647.57m/- from 647.36m/- last year.