Old Mutual Uganda reports record growth in assets, investors

KAMPALA, Uganda — Old Mutual Investment Group (OMIG) Uganda announced substantial growth in both fund performance and unit holder participation during its 2025 Annual General Meeting (AGM) held recently at the Sheraton Hotel. The firm reported a 43% increase in total assets under management, reaching 2.407 trillion Ugandan shillings ($640 million USD), and a 67% rise in unit holders to over 50,000.

Geoffrey Kihuguru, Chairperson of the OMIG AGM, highlighted Uganda’s robust economic growth in 2024, with real GDP increasing by 6.06% to $41.33 billion. He noted strong performances in services, infrastructure, and the oil and gas sectors, which contributed to over 15,000 new jobs and nearly $10 billion in cumulative investment by year-end.

“Uganda recorded real GDP growth of 6.06% in FY2023/24, up from 5.34% the year before,” Kihuguru stated. He also praised the country’s fiscal discipline and price stability, with headline inflation averaging 3.32% and the Ugandan Shilling appreciating significantly against the U.S. dollar. The Uganda Securities Exchange All Share Index also saw a 36.94% increase, signaling renewed investor confidence.

Zac Kisesi, OMIG Managing Director, emphasized the firm’s expanding role in financial inclusion. “We’re especially proud that over 20,000 new investors joined our unit trust products in just one year,” Kisesi said, attributing the surge to increased awareness and accessibility of investment solutions.

John Golooba, OMIG Chief Financial Officer, detailed the strong performance of individual funds. The Umbrella Fund returned 11.77%, the Money Market Fund 11.28%, and the Balanced Fund 12.64%, all exceeding their benchmarks. The Dollar Fund more than tripled in value to $39.22 million, yielding a net return of 5.03%. Golooba attributed this success to strategic portfolio reallocations toward 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.

Hilda Kansiime of Kasirye Byaruhanga & Co Advocates addressed the evolving regulatory landscape, assuring attendees of OMIG’s strong governance and compliance framework in anticipation of new capital markets reforms.

Kihuguru expressed cautious optimism for Uganda’s economic outlook, projecting 6.3% growth in 2025. However, he cautioned against potential risks such as global trade tensions and increased government borrowing.

“In this environment, we remain committed to cautious, transparent, and responsive fund management,” Kihuguru added.