Africa-Press – Tanzania. UTT Asset Management and Investor Service (UTT AMIS) has reported a profit increase of 619bn/- at the year ending June, from 412bn/- posted on the corresponding period last year on account of increased public awareness on the benefits of investing through collective investment schemes.
UTT AMIS Managing Director, Simon Migangala said that indicates an increase of 206bn/- that is 50 per cent in comparison to an increase of 122bn/- (42 per cent) in the previous financial year.
This was revealed during the UTT AMIS Annual General Meeting held in Dar es Salaam over the weekend.
Mr Migangala said it is the first time that UTT AMIS has been able to achieve this level of growth in one year, since its establishment.
He also assured of implementing priorities set in the plan including improving products and services and identifying new business options for the investors, shareholders and other stakeholders.
He further said that the growth in fund size is also supported by the increase in the number of investors in the schemes shooting up by 12, 798 (8 per cent), despite the Covid-19 pandemic.
According to the report, part of Umoja Fund annual returns remained strong and increased to 16.6 per cent in the financial year ended 30 June from 10.28 recorded in the previous financial year. This also show increase in size of the fund from 226bn/- in June to 258bn/- June this year.
He added that the Liquid fund scheme recorded a return of 15.3 per cent for the financial year ended June 2021, in comparison to 15.1 per cent last year.
Moreover, Jikimu Fund annual returns remained strong increasing to 18.8 per cent in the year 2020/21 from 15.6 per cent.
While Watoto fund recorded a return of 19.9 per cent for the financial year ended June this year compared to 12.7 per cent in last year.
UTT AMIS Bond Fund return for the period under review remained strong at 15.7 per cent from 16.2 per cent.
Also, on Wekeza Maisha annual returns remained strong and impressive; increasing to 25.6 per cent in the year 20/21 from 24.0 per cent recorded the preceding financial year.
In his remarks, UTT AMIS Board Chairman, Mr Casmir Kyuki said the first two years of the implementation of the UUT AMIS strategic plan to 2024, have been very successful with mobile devices increasing to 700ml/- per month in comparison to 300ml/- in the previous year.
According to the report, the use of mobile phones in obtaining services has made other services more convenient following its launch two years ago.
On behalf of the Board of Directors, they applauded President Samia Suluhu Hassan for swiftly maintaining confidence in the governance system, the economy and financial markets.
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