UTT official says fund grows impressively

The Unit Trust of Tanzania (UTT) said the country’s good economic growth has significantly increased UTT-AMIS fund in fiscal year 2013-2014.

Prof Joseph Kazaula, the Board Chairman of fund stated this during the UTT investor’s Annual General Meeting in Dar es Salaam yesterday.

Other factors contributing to UTT-fund growth is inflation rate, which is well controlled, as well as good performance of the Dar Stock of Exchange (DSE).

According the chairman these conditions have attracted many investors, making Tanzania the eighth sub-Saharan county in attracting investors. In the EAC region it leads other members.

Under UTT there are sub-funds namely Umoja Fund, Wezesha Maisha Fund, Watoto Fund, Jikimu Fund and Liquid Fund.’

For one-year period all five UTT funds have together grown from Sh118.3 billion to Sh178,471 billion  for the period of 2012/13  to 2013/14, while investors  increased from 106,266 up to 107,376.

The chairman called on Tanzanians to invest in UTT, saying such a move would help them increase their incomes within a short time.

“I urge Tanzanians to invest for their future, which will help them send their children to school or cay out development activities.

Speaking with this paper, Peter Materu said since he started to invest at UTT four years ago he experienced ‘positive changes in his economic.’
Materu said the fund has good interest that has facilitated them to open a big business.

UTT aims at efficient investment facilitating divestiture process and empowering Tanzanians to become effective stakeholders in their country's economic development.

The Unit Trust of Tanzania (UTT) was incorporated on June19, 2003 and incorporated under the Trustees Incorporation Act (Cap. 318).