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Britam Holdings Plc has launched an asset management company in Uganda as it seeks to extend its asset management offering in the region.
Britam Holdings Plc has launched an asset management company in Uganda as it seeks to extend its asset management offering in the region. The new company, Britam Asset Managers (Uganda) is modelled 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. It will leverage on the successand 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.
Mr Ronald Kasolo has been appointed the 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, he worked at GenAfrica Asset Managers, Uganda as the country manager.
“The launch of the asset management company demonstrates our confidence in the resilient Uganda economy, and in particular, its financial services sector,” said Mr Kenneth Kaniu, CEO, Britam Asset Managers (Kenya).
Dr. Benson Wairegi, the Britam Group managing director, said that 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 that country. 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.