ICEA LION Asset Management (ILAM) has reported a strong performance across its Unit Trust Funds for the financial year ended December 2024, reflecting significant growth in assets under management, fund performance, and client membership.
During its Annual General Meeting (AGM) held at Protea Hotel in Kampala, the company announced that total assets under management had surpassed Shs1 trillion, cementing its position as one of Uganda’s leading investment managers.
Speaking at the event, ILAM General Manager Owen Kato said the company had witnessed a 40% growth in membership in 2024, closing the year with 9,000 members— a figure that has since grown to more than 12,000.
Fund performance also recorded a notable upswing, with total fund revenue increasing by 39% to Shs50 billion, up from Shs36 billion in 2023. The total fund value rose by 38% to Shs468 billion, and now stands well above Shs620 billion.
“We are proud to report that our business continues to grow strongly, with total assets under management now in excess of Shs1 trillion. This reflects the confidence our clients place in us as their trusted investment partner,” said Kato.
The company’s Money Market Fund (MMF) remained its flagship product, delivering record-breaking results in 2024. Profits from the MMF surged 47% to Shs43 billion, up from Shs29 billion in 2023. Member balances in the fund grew to Shs458 billion, compared to Shs321 billion the previous year, while revenues increased 48% to Shs48 billion.
Fund yields ranged from 10.77% to 12.44%, with the current yield now exceeding 12.7%, positioning the MMF as one of the most attractive investment options in the market.
In addition to the MMF, ILAM’s Income Fund posted a profit of Shs1.3 billion, while the Balanced Fund, which blends equities and fixed-income investments, returned a profit of Shs66 million, offering a diversified option for investors with different risk profiles.
“These results reflect our commitment to delivering value, stability, and consistent returns to our investors. The growth was primarily driven by the Money Market Fund, but we continue to build performance across all portfolios,” Kato added.
Presenting the Fund Management Report, Senior Portfolio Manager Cindy Kukunda noted that macroeconomic stability had supported ILAM’s strong performance.
She pointed out that the Uganda shilling appreciated by 2.9% in 2024, making it the best performing currency in East Africa over the past five years. This was attributed to strong export growth and increased foreign investor inflows.
“While risks remain, we expect inflation to remain within the 4% to 4.5% range, below the 5% medium-term target. GDP growth is projected at 7%, driven by anticipated crude oil production in 2026, strong coffee exports, and gold inflows,” she said.
The AGM also highlighted ILAM’s ongoing investment in technology and digital transformation aimed at improving the client experience. Emmanuel Mwaka, Executive Director at ILAM, announced plans for a new self-service portal and mobile app, designed to give clients better visibility and control over their investments.
“We are introducing innovative digital solutions to enhance transparency and engagement. With these tools, clients will find it easier than ever to track their investments and interact with our services,” Mwaka said, adding that ILAM is on track to reach 25,000 accounts in the near future.
The AGM concluded with optimism for the coming year, as ILAM reaffirmed its focus on delivering consistent returns, expanding accessibility through digital platforms, and maintaining resilience amid evolving global and domestic market conditions.
