AfricaPress-Tanzania: THE UTT Asset Management and Investor Service Plc (UTT AMIS) has for the first time since its establishment recorded an increase of 42 percent in fund size in one year.
For the financial year 2019/2020 the funds under UTT Amis increased to 421.8bn/- from 290.7bn/ that were recorded in the year ended June 2019.
This represents an increase of 122.1bn/- compared to the decrease of 4.4bn/- in the previous year, the UTT Amis Board chairman Mr Casmir Kyuki said over the weekend.
He was speaking during the Annual General Meeting of Umoja fund under UTT Amis, saying according to him, the growth in fund size is also supported by an increase in the number of investors in the scheme as it went up by 13,671 compared to 5,169 in the previous year.
“This is the first time since the establishment of UTT Amis that the fund is able to achieve this record in one year,” he said.
Expounding more, Mr Kyuki said they are looking forward to reaching out more investors by opening service centres in Mwanza, Arusha, Mbeya and Zanzibar, whereas with the offices in Dar es Salaam and Dodoma, the funds will be in six locations by June 2021.
During the event, UTT Amis also launched a new scheme that is geared to meet the investment requirements of the middle and the upper end segment of investors.
Branded ‘Wealth Management Service’, the arrangement is aimed at supporting investors who were not covered in other schemes under management.
Mr Kyuki said the service will cover individuals and institutions with a minimum investment capital of 100m/-.
“The minimum purchase will be 10m/-, we are optimistic that like all other schemes, the Wealth Management Service will offer competitive returns on investment,” he said.
In an effort to extend its services to the majority of the people especially those in rural areas, Mr Kyuki noted that the management would continue strengthening digital services to allow anyone from anywhere in the country to invest in its schemes.
“Through UTT AMIS application, investors will be able to buy units, check their last five transactions, tracking their investment report, all through their mobile phone.”
He said payment can also be done using mobile money platforms such TigoPesa, M-Pesa, Airtel Money, T-Pesa and HaloPesa, CRDB Sim banking.
