28 July 2017

Uganda: Britam Holdings Starts Asset Management Company in Uganda

Kampala — Britam Holdings Plc has launched an asset management company in Uganda as it seeks to extend its asset management offering in the region.

"The launch of the asset management company demonstrates our confidence in the resilient Uganda economy, and in particular its financial services sector," said Kenneth Kaniu, CEO, Britam Asset Managers (Kenya).

The new company, Britam Asset Managers (Uganda) is modeled along a similar successful company in Kenya. It will offer investment management and advisory services to pension funds, insurance companies, corporates, government owned entities and retail investors in Uganda.

The company has received the requisite regulatory approvals from the Capital Markets Authority (Uganda) and the Uganda Retirement Benefits Authority and will leverage on the success and expertise of Britam Asset Managers (Kenya) to grow its market share in Uganda.

Britam Asset Managers (Kenya), the first asset management subsidiary of Britam Holdings was established in 2004 by the Britam Group to provide investment advisory and fund management services, and is now an influential player in the financial services sector. The company is a subsidiary of the Britam group which is listed on the Nairobi Securities Exchange, and has Assets Under Management of USD 1.23 billion as at July 2017.

Ronald Kasolo was appointed General Manager of the Uganda Company. Ronald has over 12 years' experience in capital markets specializing in asset management and capital markets regulation. Prior to joining the company, Ronald worked at GenAfrica Asset Managers, Uganda as the Country Manager.

Dr. Benson Wairegi, the Britam Group Managing Director, said Uganda was the first country in the region outside Kenya where the group had launched an asset management company, adding that this marked an important step in the company's strategic plan to widen its scope of investment products in the Ugandan market. Uganda, he noted, had a fully liberalized economy, good market access, a strong natural resource base and a commitment to the private sector by the government.

"Despite global economic challenges, the Ugandan economy has demonstrated resilience and upside traction to economic growth lifted by investment in infrastructure, increased agriculture production, and a growing real estate sector" Dr Wairegi said.

"As a Government, we appreciate the role played by the private sector in complementing the Government's efforts in the areas of job creation, transfer of knowledge and the overall economic growth," Gabriel Ajedra, Uganda's Minister of State for Finance in Charge of General Duties.

"We are particularly grateful to private investors from Kenya and other regions who have taken advantage of improved investment conditions in Uganda and have set up businesses in the country. The government has set up a conducive environment to enable investors to set up and conduct their business with much ease," he noted.

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