UTT fund value balloons by 50pc in one year

TANZANIA: THE UTT AMIS fund value has increased by 54 per cent in one year, attributed to improved investor’s confidence in the financial markets.

In the report released on Sunday during the 15th Annual General Meeting (AGM), the value soared to 1.53tri/- at the end of June from 996.5bn/- of the same period last year, an increase of some 538.9bn/-.

“The performance of the funds during the period has continued to be good, and the investor’s profits also increased,” said Mr Simon Migangala, UTT’s Managing Director.

Currently, UTT AMIS is supervising six funds including Umoja, Wekeza Maisha, Watoto, Jikimu, Liquid and Bond.

The investor’s profits climbed up and surpassed the performance benchmark. Annual profit increased by 11.2 per cent compared to 12.6 per cent of the last year and the fund value soared to 320bn/- until June from 289bn/- in a similar period last year.

Additionally, the statement highlighted the positive performance of the local companies in the stock market as per the bourse share indices.

According to Tanzania Share Index (TSI) which measures the performance of local listed firms on Dar es Salaam Stock Exchange (DSE), the index increased from 3,928.5 points to 4,091.8 points a year to June.

The report showed that the Jikimu fund recorded a 14.0 per cent increase compared to 7.6 per cent which is the fund’s benchmark, while the Umoja fund registered 11.2 per cent and Wekeza Maisha increased by 12.5 per cent.

Other funds’ profits include Liquid, which increased by 12.5 per cent, and bond 12.3 per cent against their 9.7 per cent benchmark.

Speaking on the five-year strategic plan which ends next June, Mr Migangala said the UTT AMIS is optimistic to focus on the use of technology to provide services to investors and be able to access financial services digitally.

The report showed that until June, the fund managed to connect its financial system with numerous banks including CRDB, NMB, NBC and Stanbic.

The fund said it is in the process of connecting with more banks such as Absa, Exim, KCB, People’s Bank of Zanzibar, DCB and UBA.

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