Africa-Press – Uganda. Old Mutual Investment Group (OMIG) Uganda has reported strong performance and growth in its Unit Trust Funds for the financial year ended December, 31, 2024, driven by favorable macroeconomic conditions and strategic investment decisions.
Presenting the 2024 results at the Annual General Meeting held at Sheraton Kampala Hotel, OMIG revealed that total assets under management surged by 43% to shs 2.407 trillion.
This remarkable growth signaled robust investor confidence and effective fund management across all portfolios.
Chief Financial Officer John Golooba noted that each of the four funds under OMIG’s management delivered competitive returns.
The Balanced Fund returned 12.64%, while the Umbrella Fund posted an 11.77% gain.
The Money Market Fund achieved an 11.28% return, maintaining stability amid a high-rate environment.
The standout performer was the Dollar Fund, which tripled in value to reach USD 39.22 million and delivered a net return of 5.03%.
Golooba attributed this performance to OMIG’s prudent portfolio reallocation, particularly toward fixed income and longer-dated government bonds.
These returns were bolstered by strategic repositioning in response to shifting market dynamics.
The Umbrella Fund alone saw a Shs264 billion increase in bond exposure, reaching shs760 billion, with allocations to bonds of tenors longer than 10 years rising to 47.4%. This move allowed OMIG to take advantage of rising yields while maintaining portfolio resilience.
OMIG’s Managing Director, Zac Kisesi, highlighted a 67% increase in the number of unit holders, which grew from 30,165 to 50,416 in just one year.
He emphasized that this growth was driven by increased investor awareness, accessibility of OMIG products, and a broader push for financial inclusion.
More than 20,000 new investors joined OMIG’s unit trust funds in 2024 alone, reflecting growing trust in the group’s transparent and consistent investment approach.
The group’s credibility was further reinforced by KPMG’s independent audit.
KPMG Country lead, Stephen Ineget confirmed a clean opinion on the financial statements of all four funds, noting no material misstatements or key audit matters, affirming OMIG’s commitment to transparency, sound governance, and adherence to International Financial Reporting Standards.
Speaking on legal and regulatory matters, Hilda Kansiime of Kasirye Byaruhanga & Co. Advocates acknowledged the evolving regulatory environment ahead of the 2026 general elections.
She reassured stakeholders that OMIG’s governance and compliance frameworks remain well-aligned with anticipated reforms, ensuring the group’s continued readiness to adapt swiftly to legal and policy changes.
Looking ahead, Chairperson Geoffrey Kihuguru expressed cautious optimism.
He projected Uganda’s economy to grow by 6.3% in 2025, supported by increased oil activity, improved credit conditions, and ongoing macroeconomic stability.
However, he warned of potential risks, including global trade tensions, donor funding cuts, and rising domestic borrowing. Despite this, he affirmed that OMIG’s focus would remain on delivering responsive, risk-managed fund performance that continues to meet the evolving needs of investors.
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