KAMPALA, UGANDA —Old Mutual Investment Group (OMIG) Uganda has reported a substantial 67% increase in the number of its unit holders, reaching over 50,000, according to its recent Annual General Meeting (AGM) in Kampala.
The surge, which saw more than 20,000 new investors join OMIG’s unit trust products in just one year, underscores growing financial inclusion and awareness of investment opportunities in Uganda.
The firm’s assets under management (AUM) also grew by 43%, climbing to 2.407 trillion Ugandan shillings ($640 million) for the financial year ended 31 December 2024.
Geoffrey Kihuguru, Chairperson AGM, highlighted Uganda’s robust economic performance, with real GDP growth of 6.06% in the 2023/24 financial year. He noted strong contributions from services, infrastructure, and oil and gas investments.
“Uganda recorded real GDP growth of 6.06% in FY2023/24, up from 5.34% the year before. The size of the economy grew to USD 41.33 billion,” Mr Kihuguru stated.
Managing Director Zac Kisesi acknowledged the increased trust from unit holders and partners. “We’re especially proud that over 20,000 new investors joined our unit trust products in just one year. This speaks to growing awareness and accessibility of investment solutions in Uganda,” he said.
OMIG’s various funds also delivered strong returns. The Umbrella Fund returned 11.77%, the Money Market Fund 11.28%, and the Balanced Fund 12.64%, all exceeding their respective benchmarks. Notably, the Dollar Fund more than tripled in value to $39.22 million, yielding a net return of 5.03%.
The financial results, presented by Chief Financial Officer John Golooba, attributed this performance to strategic portfolio reallocation, particularly towards fixed income and longer-dated government bonds.
Stephen Ineget, KPMG Country Lead, confirmed the financial statements provided a “true and fair view” of the Group’s position. Legal advisors also reassured attendees about OMIG’s strong governance and compliance framework amidst anticipated regulatory changes.
Despite cautious optimism for Uganda’s projected 6.3% growth in 2025, Mr Kihuguru warned of potential risks including global trade tensions and increased government borrowing.
“In this environment, we remain committed to cautious, transparent, and responsive fund management,” he added.
