On
Monday 18th May 2015 CORE Capital officially launched UMANDE Unit Trust
fund and released the Prospectus at a VIP cocktail held at Southern Sun
hotel in Dar Es Salaam.
The event included the presence of the
Managing Directors of leading financial institutions in Tanzania eager
to know more in details about UMANDE and its benefits to investors.
Among top executive present were Enoch OSEI-SAFO, MD of Ecobank Tanzania, Joseph Carasso, MD of CITI bank Tanzania, Sabasaba Moshingi, CEO and MD of Tanzania Postal Bank (TPB), Ibrahim Mwangalaba, MD of Maendeleo bank, Manasseh Kawoloka, CEO of NIKO Insurance, Sanjay Suchak, MD of African Risk and Insurance Services (ARIS) and Cutberth Temga, Managing Partner of Law Associates Advocates.
UMANDE and CORE Capital are the brainchild of George Fumbuka, CEO of CORE Securties, named the best advisory brokerage firm in East Africa by Capital Finance International in 2013.
During the high profile cocktail Fund Manager George Fumbuka and Investment Advisor Nana Kumapremereh Nketiah unveiled the three
funds that are offered under UMANDE, to cater for different investor
profiles: the Umande Capitalisation Fund, the Umande Income Fund and the
Umande Balanced Fund.
The funds provide access to the
equities listed at the Dar Es Salaam Stock Exchange (DSE) as well as
access to government bills, bonds and money market, in Tanzania and
outside.
A major benefit of UMADE Collective
Investment Scheme (CIS) is its high liquidity: being an open-ended fund
Units may be purchased or redeemed on every business day.
UMANDE tax benefits also include no capital gains tax on Units redeemed and reduced withholding tax on dividends at 5.0 per cent.
Source: tanzaniainvest, reported from Dar es Salaam, Tanzania
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