UAP Old Mutual assets grow to shs1.7 trillion

Old Mutual Investment Group has announced a growth in its asset base from  shs1.098 trillion in 2022 to shs1.678 trillion in the year ended December 2023.

This was revealed by Prof. Samuel Sejjaaka, the UAP Old Mutual chairman during their annual general meeting on Thursday.

Prof.Ssejaaka said the umbrella trust fund returned 11.76%, the Money Market Fund 11.62%, the Balanced Fund 11.03%, and the Dollar Unit Trust Fund 5.48% for the year.

He added that the country’s first Dollar unit trust fund launched last year has grown to $11.86 million while the Balanced Fund grew by 20% and the Money Market Fund decreased by 25%.

“Mutual Investment Group Uganda ended 2023 with 30,165-unit holders, a 42.5% increase from 21,167 in 2022. This growth is attributed to the company's investment strategy, which focuses on government securities, offering better yields than other assets and providing strong returns for unit trust holders,” Prof. Ssejaaka said.

He however decried Ugandans for investing in unit trust but save for a small time and withdraw their investments.

“ My emphasis is on the importance of time when it comes to saving. The longer you keep your money saved, the more you benefit. If you save today and withdraw tomorrow, your savings will be limited. We urge savers to be patient and keep their money invested for a long time. When you save, we invest, and the longer it's invested, the more you earn,” Prof.Ssejaaka said.

“Some people save but withdraw quickly, which is understandable given life's challenges. However, our unit trust offers the advantage of accessibility anytime. It's up to your personal discipline to keep your money safe for a longer period. Many people save for only a short time, like one or two months, but saving for retirement requires a long-term view. As Ugandans, we're moving beyond traditional savings methods like building houses or owning land to financial assets, which is where we specialize.”