ICEA LION Asset Management reports 40% membership growth in 2024

KAMPALA, Uganda — ICEA LION Asset Management announced a strong performance for its Unit Trust Funds for the fiscal year ending in December 2024, reporting significant growth in assets, revenue and membership.

During its annual general meeting at the Protea Hotel, the company said its total fund value grew by 38% to 468 billion Ugandan shillings ($125.8 million) in 2024, while total fund revenue increased by 39% to 50 billion shillings ($13.4 million). Membership grew by 40% to 9,000 clients by the end of the year.

“We are proud to report that our business continues to grow strongly, with total assets under management now in excess of 1 trillion shillings and membership surpassing 12,000,” Owen Kato, the company’s general manager, said in a statement. “This reflects the confidence our clients place in us as their trusted investment partner.”

The company’s flagship Money Market Fund was a primary driver of the growth, with profits rising 47% to 43 billion shillings ($11.5 million) in 2024. The fund’s yields ranged from 10.77% to 12.44% for the year, with current yields exceeding 12.7%.

Senior Portfolio Manager Cindy Kukunda noted that the strong performance was supported by a favorable macroeconomic environment. She said the Ugandan shilling was the best-performing currency in East Africa over the past five years. She added that while risks of upward inflation exist, the company expects it to remain below the 5% medium-term target, with GDP growth projected at 7%.

Emmanuel Mwaka, the company’s executive director, said ICEA LION is also investing in technology, with a new self-service portal and mobile app on the way.

“We are confident of achieving our target of 25,000 accounts in the near future,” Mwaka said.