UTT AMIS aims high, targets EAC market

UTT AMIS offical serving a client


FORMED only about 12 years ago, Unit Trust of Tanzania Asset Management and Investor Services, shortly known as UTT AMIS, has already managed to cross international borders.

This is the best sign for UTT AMIS, the company owned by the Tanzanian government under the Ministry of Finance; that should be taken positively, not only by its management team, but Tanzania as a nation.

“Starting as a local company, now it has been allowed to open an account for any potential investor within East African Community (EAC) countries,” read one of the company’s publications.

This comes at the wake of publishing of the new Capital Markets and Securities [Foreign Investors] Regulations of 2014. Apart from Tanzania, other countries that form EAC are Kenya, Uganda, Rwanda, Burundi and South Sudan.

Outside the EAC, UTT AMIS contributions for development of individuals have already been recognized and honored. In 2015, according to company’s Director General, Dr Hamis Kibora, one of their funds, Umoja Fund, was awarded as the Best Fund Management Team by United Kingdom based firm, CFI.co.

“We currently have five collective investment schemes, namely Umoja Fund, Watoto Fund, Wekeza Maisha Fund, Jikimu Fund and Liquid Fund. In this regard, UTT AMIS’ assets under management amounts more than nearly 250bn/-,” says Dr Kibola, mentioning Umoja Fund as the leading scheme.

It was due to this fact that those who closely follow capital markets did not wonder when the Capital Finance International (CFI) honored UTT AMIS’s Umoja Fund. CFI is a publishing house that provides news, analysis and commentary on the markets worldwide.

Through their website and print material, CFI covers economic, political and business factors affecting markets and helps identify regions, industry sectors and companies that will succeed.

CFI publications have readership of 124,000 per issue distributed at 33 percent in Europe, 20 percent in North America, 14 percent in Asia Pacific, 12 percent in the Middle East, 12 percent in Latin America, and 9 percent in Africa.

Most of the readership is through paid subscription, direct distribution to business leaders and conferences. CFI business news and information covers all re gions of the world.

Its main publication is the CFI.co that is printed and available for online subscribers. “Each year, CFI.co seeks out individuals and organizations that contribute significantly to the convergence of economies and truly add value for all stakeholders and awards them the CFI award.co.

“Reporting from frontlines of economic convergence, CFI.co realizes that best practice is to be found throughout the world and the Awards Programme aims to identify and reward excellence wherever it is found, in the hope to inspire others to further improve their own performance.

These awards include smaller organizations that might otherwise go unnoticed on the international stage but still contribute to global progress,” says Dr Kibola. According to CFI.co, the nominations for those awards are based on input from readers, subscribers, contributors and visitors to their site.

The Capital Finance International Judging Panel review information generated during the nomination process and draw on their members expertise to identify candidates for award consideration.

“To qualify for the awards, beside the nominations, CFI assesses organizations based on a number of criteria, including risk management, transparency, and performance of assets under management, compliance, corporate governance, innovation, quality communications, and stability of investment team, communication of risk, financial performance and strength of nominations.

“The organization analyses businesses in various sectors and has issued awards to many companies across all continents,” reads part of CFI statement.

In their statement, CFI’s panel of judges said: “Catering to investors of both ample and more modest means, the UTT Asset Management and Investor Services Limited (UTT AMIS) maintains five carefully balanced investment funds that hold stakes in the country’s privatized enterprises.

“Unit Trust of Tanzania (UTT) was set up in 2003 to promote collective investment schemes and encourage a savings culture. The trust holds shares in most of the listed formerly state-owned companies that were privatized during the government’s comprehensive restructuring of the public administration in the 1990s.

“Last year, UTT AMIS received permission to open its accounts to investors from across the East African Community (EAC). The company’s investment vehicles are now readily available to savers from Kenya, Rwanda, Uganda and Burundi.

UTT-AMIS maintains portfolios with distinct risk/reward profiles suitable to all classes of investors. The funds invest in high-quality Tanzanian equities, high-yield treasury bonds and bills, and corporate bonds, amongst others.

It goes on to say that Unit Trust of Tanzania is the successor to the Privatization Trust which was set up to acquire shares in newly privatized businesses and ensure the widest possible distribution of ownership amongst the citizens of the country.

As a warehouse of shares and market expertise, the report adds that UTT has benefited from Tanzania’s balanced approach to economic development and from a 2013 restructuring that saw the growing organization split into three business units, namely: UTT Asset Management and Investor Services, UTT Microfinance, and UTT Projects and Infrastructure Development.

The reorganization enables UTT AMIS to fully leverage its in-depth knowledge of East Africa’s second largest market. “The CFI.co judging panel considers UTT AMIS an exemplary driver of inclusive economic growth.

The company actively encourages Tanzanians, and other EAC investors, to partake in the country’s development irrespective of their financial standing.

In fact, UTT AMIS adheres to a set of policies that aim to broaden the ownership of shares by simplifying the investment process and removing hurdles without sacrificing the quality of the underlying assets,” read part of the report.

“The judges were pleased to confer the 2015 CFI.co Best Fund Management Team Tanzania Award on UTT AMIS for the excellence of its research and the resulting products, and the depth of its societal reach UTT AMIS,” concluded the UTT AMIS boss, Dr Kiloba.

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