ICEA LION Asset Management (ILAM) has posted strong growth across its Unit Trust Funds, signaling a shift in Uganda’s investment landscape.
The announcement was made during the company’s Annual General Meeting (AGM) held at Protea Hotel, Kampala. According to the report, membership grew by 40 per cent in the past year, closing at 9,000 and rising beyond 12,000 to date.
Total fund revenue increased by 39 per cent to Shs 50 billion, up from Shs 36 billion the previous year, while the total fund value rose by 38 per cent to Shs 468 billion, and now stands at over Shs 620 billion.
The surge comes as local investors increasingly turn to collective investment schemes to hedge against inflation and secure stable returns. Speaking at the AGM, Owen Kato, general manager of ILAM, said the growth reflects clients’ growing confidence in the company.
“We are proud to report that our business continues to grow strongly, with total assets under management now in excess of Shs 1 trillion and membership surpassing 12,000. This demonstrates the trust our clients place in us as their investment partner,” Kato said.
Presenting the report, Cindy Kukunda, senior portfolio manager, highlighted a supportive macroeconomic environment. She noted that the Uganda shilling remained the best-performing currency in East Africa over the past five years, appreciating by 2.9 per cent in 2024 compared to a 1.8 per cent depreciation in 2023, driven by strong exports and foreign investor inflows.
“While risks remain that could push inflation upward, we expect it to stay below the 5 per cent medium-term target,” Kukunda added.
Despite the strong performance, competition in the investment space is intensifying as banks market savings products and other fund managers target retail clients. ILAM is betting on technology to retain its edge.
Executive director Emmanuel Mwaka unveiled plans for a self-service portal and mobile application to give clients greater transparency and control over their investments.
“We are introducing innovative solutions that give you more visibility and flexibility with your funds,” Mwaka said.
Looking ahead, ILAM is targeting 25,000 accounts in the near term, underscoring the importance of scale in an industry where margins depend on volume.