‘UTT AMIS doing well despite COVID-19 pandemic challenges’

07Dec 2021
Getrude Mbago
Dar es Salaam
The Guardian
‘UTT AMIS doing well despite COVID-19 pandemic challenges’

​​​​​​​THE UTT Asset Management and Investor Services Plc (UTT AMIS) have continued to perform well with the number of investors also mounting, despite challenges brought by COVID-19 pandemic, the company's management has said.

Simion Migangala.

UTT AMIS is a collective investment scheme established to develop collective investment schemes in Tanzania; acquiring and keeping in-trust the shares of privatized enterprises and encouraging savings culture through wide participation in the ownership of distributed shares / units.

Addressing journalists in Dar es Salaam during the weekend in the sidelines of the Funds’ annual general meeting, Simion Migangala, managing director UTT AMIS said the institution has performed well in the last fiscal year ended in June 2021 with its Umoja Fund annual returns remained strong increasing to 16.6 percent from 10.3 percent recorded in the preceding financial year.

He said Watoto Fund recorded an impressive return of 19.9 percent for the financial year ended June 2021 compared to 12.7 percent in the previous year where the

“Wekeza Maisha annual returns remained strong and impressive, increasing to 25.6 in the Year 2020/21 from 24 percent recorded in the preceding financial year. It offers two-fold benefits to investors, being long term capital appreciation out of investments made and Life Insurance cover provided by the scheme,” he said.

He said during the year, the scheme’s fund size rose by 0.4 billion (+28.6 percent) to reach 1.8bn/- compared to 1.4bn/- in the previous year. The Net Asset Value per unit appreciated by 125.8/- (+25.6 percent), from 491.5/- to 617.3/- per unit for the year ended 30th June 2021.  Chairman

Casmir Kyuki, chairman of the UTT AMIS board said despite challenges that the World and the African continent are going through, economic indicators show that the Tanzanian economy continues to do well driven by construction, transport and storage, agriculture, manufacturing and mining that all together contributed 60.8 percent of real gross domestic product.

“As regards performance for the financial year ended on 30 June 2021, economic indicators show that UTT AMIS and the funds under management performed very well notwithstanding the challenges mentioned. Funds under management increased from 412.8/- on 30 June 2020 to 619.6bn/-on 30 June 2021. This indicates an increase of 206.8bn/- which is 50 percent compared to an increase of 122.02bn/- in the previous financial year. It is for the first time since establishment that UTT AMIS has been able to achieve this level of growth in one year,” he said.

Growth in fund size is also 2021 supported by the increase in the number of investors in the schemes that went up by 12,798. For the year under review, returns to investors in all the funds under management were very good.

He said the company continues with implementation of the five year Strategic Plan to June 2024, technology plays an important role. Accordingly, the Company launched services through mobile

The chairman said the company will continue with the implementation of priorities set in the plan including improving existing products and services and identifying new business lines for the benefit of investors, shareholders and other stakeholders.

“UTT AMIS will also continue working on modernization of operations and ensuring that investors obtain the best returns that the market may provide,” he added.