Britam Holdings 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, will offer investment management and advisory services to pension funds, insurance companies, corporates, government-owned entities and retail investors in Uganda.
Benson wairegi, the Britam group Managing Director during the launch of the company that took place Wednesday evening at Kampala Serena Hotel, said that Uganda is the second country after Kenya where the group had launched the 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 Ugandans 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. We are hopeful that our new company will thieve,” Wairegi said.
Ronald kasolo, the newly appointed general manager for Britam asset managers said the company had decided to open this new company because if Uganda’s resilient economy especially in the financial service sector.
He added that the new company which already has offices in Kenya will thrive in Uganda because the company has expertise in the asset management sector.
Kasolo said: “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 share markets in Uganda.”
Gabriel Ajedra Aridru, the Minister of State for General Duties who represented the Minister of Finance as the guest of honor asked Britam to take advantage of the gap in the financial sector by developing long term capital.
“Currently commercial banks are lending at 20-23% and yet the central bank reduced its lending rents to 10%. This gap is due to absence of long term capital. We hope you can bring that on the market and bring the lending rates by commercial banks down. We are counting on the private sector for infrastructure development and investments to save our economy so you are very welcome to Uganda,” Gabriel said.