UTT celebrates 10th anniversary with superb performance

Umoja Fund is commemorating its 10th anniversary at the time that it has posted superb performance after expanding to a fund size of over 217bn/- as of September this year, having more than 155,000 investors.

The UTT AMIS Board Chairman, Prof Joseph Kuzilwa, said in Dar es Salaam at the weekend that Umoja Fund has successfully delivered on investors’ expectations in terms of safety, liquidity and returns as it has preserved investors’ capital.

“Umoja fund was launched in order to empower and provide an investment avenue for Tanzanians through collective scheme. The Fund has also met its obligations and consistently recorded positive returns,” he said.

He said the Fund’s annualized returns since its inception in 2005 averages over 20 per cent per annum. Last three years the annualized returns were 41.19 per cent and last year was 35.64 per cent.

He noted further that fund at initial stage was locked, after the period passed, its size shrank from 113bn/- to 59bn/-. “This was contributed by two factors – income distribution and opening of the fund for repurchase operation,” he said.

In the meantime, Prof Kuzilwa hailed UTT AMIS management for scooping the Best Fund Management Team Tanzania Award by Capital Finance International (CFI) for the excellence of its research and the resulting products and the depth of its societal reach.

“UTT AMIS is honoured to be a recipient of CFI Best Asset Management Team Tanzania 2015 award. This success would have not been possible without the commitment and professionalism not only in serving investors but also in supporting government initiatives to enable her citizens participate and benefit from capital and money market products,” he said.

The UTT-AMIS Managing Director, Dr Hamis Kibola, said that UTT AMIS achievements are a result of detailed and continuous research which leads to identification of opportunities and investment in a diversified portfolio that maximizes returns while optimizing on risks.

Umoja Fund was the first collective investment scheme in Tanzania and the first scheme by UTT. Its launch therefore set a benchmark for four subsequent collective investment schemes including Wekeza Maisha, Watoto, Jikimu and Ukwasi funds.
Source: Daily News, reported from Dar es Salaam, Tanzania
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