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UTC assets increase to $21.9b
The Unit Trust Corporation (UTC) has managed to achieve growth in a challenging investment climate, Ian Chinapoo, outgoing executive director, said yesterday.
“We ensured a positive overall growth in aggregate funds under management (FUM), competitive returns, maintained a robust financial position and provided a platform for positioning the future growth of UTC,” he told unit holders at the UTC’s 36th Annual General Meeting at the National Academy for the Performing Arts (NAPA) in Port-of-Spain.
It was Chinapoo’s last address as UTC executive director as he is leaving to take up a position with another company. On June 1, Nigel Edwards will assume the position.
Chinapoo said care had been taken with UTC’s brand, so they maintained their dominance in the market.
“As unit holders, you should be proud of the fact that homegrown UTC is among the top in brand awareness in the financial services sector and number one in corporate image,” he said.
He told unit holders that four of the UTC’s seven funds posted higher net returns in 2017 compared to the previous year. The flagship Growth and Income Fund generated a net return of 5.4 per cent—more than double the return of 2016. There was a 1.5 percent increase in funds under management to $21.9 billion.
Total revenue for the year was $1.1 billion and the UTC’s customer base grew by 1.1 per cent from about 603,000 to 609,000 unit holders. Total assets increased by $197.6 million to $21.9 billion.
Chinapoo attributed these results to an increase in “prudent impairments provisions” in a challenging year for the T&T economy.
“We will continue to explore opportunities that will improve returns on your investments and leverage our longevity as the country’s leading mutual fund company,” he said.
During the year, the UTC launched three new agencies at Heartland Plaza, Chaguanas, C3 Centre, San Fernando and Canaan, Tobago.
UTC Chairman Justice Rolston Nelson said legislative changes are necessary for the UTC to optimise its investments in a competitive environment because the landscape has changed significantly.
“It is our intention to work towards transforming the Act, allowing us to continue to adapt as an independent financial institution,” he said.
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