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UTT Amis grows to Sh400 billion, says top official

Arusha. The UTT Asset Management and Investor Services (UTT AMIS) fund size had reached Sh400 billion as of June 30 this year.

This was revealed here at the weekend as the fund management company opened its first centre outside Dar es Salaam, in Arusha.

Mr Issa Wahichinende, the director of Operations, said different investment funds operated by the Trust have also shown profitability despite challenges in the securities market.

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These are the Bond Fund, Ukwasi Fund, Umoja Fund, Wekeza Maisha Fund, Watoto Fund and Jikimu Income Scheme.

“The total funds under management as of June 30, 2020 grew in size to Sh400 billion,” he told journalists before the opening of the new centre.

He said opening of branches across the country would woo in more people into the funds operated by the company which operates under the ministry of Finance and Planning.

“Through this centre, our clients can open accounts, buy and sell their units/shares, get updates of their investments and get to know the value of their units in the entire chain,” he said.

Mr Wahichinende said investments into the funds were rewarding with prospects of high profits, citing the Watoto Fund whose investment is as low as Sh10,000 - but is most rewarding for kids’ education.

Besides the six investment funds, UTT AMIS also provides Wealth Management Services targeting individuals.

Speaking during the launch of the Arusha centre at the Ngorongoro Tourism Tower, Daudi Mbaga, UTT AMIS’s director of Marketing and Public Relations, said the company was upbeat on expanding.

“We will soon open new centre in Dodoma and later in other major cities,” he said, noting, however, that they were represented by agents in most parts of the country.

He implored on people in Arusha, the country’s safari capital, to invest in the securities market as they were equally rewarding like other investments but with lower risks.

“Our aim is to reach low income people,” he said. Currently it is estimated 160,000 people have invested in UTT AMIS platforms across the country.

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