By Drake Nyamugabwa
Britam Holdings, a diversified financial services group; last week received the requisite regulatory approvals from the Capital Markets Authority (Uganda) and the Uganda Retirement Benefits Authority; to grow its market share in Uganda.
The Chairman, Britam Holdings, Gladys Kalony says that; as they register expansion journey of the company, they have opened the new market in Uganda due to the confidence they have in Uganda’s economy. She says this include; good investment environment and the liberal economy with private sector among others. She added that; the operation in Uganda and the regional countries is the true spirit of East Africa Cooperation.
The Chief Guest, Hon. Gabriel Ajedri, State Minister General Duties, says that Britam will help in providing equity debt financing and will bring down the cost of capital, adding that with the poor saving culture in Uganda, people need to invest in opportunities in assets because there is need to save money in any form.
“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,” he said.
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 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.
The newly appointed General Manager, Britam Asset Management Company (Uganda), Ronald Kasolo says that; after 6 years of success of the Britam Insurance in Uganda, it has played fertile grounds to establish Britam Asset Management; saying that the company has 10 businesses in Uganda. He urged people to trust the company’s asset managers, which he says that the assets under management has a unit trust Fund of USD 1.23 Billion as at July 2017.