Officials from Old Mutual Investment Group in a group photo
Old Mutual Investment Group (OMIG) Uganda successfully convened its 2025 Annual General Meeting (AGM) at the Sheraton Hotel, Rwenzori Ballroom, Kampala, bringing together over 300 stakeholders including institutional partners, legal advisors, trustees, custodians, and retail unit holders.
The AGM offered a reflective and forward-looking view into the performance and strategic direction of the OMIG Unit Trust Funds for the financial year ended 31 December 2024.
Opening the session, Geoffrey Kihuguru, Chairperson of the OMIG Unit Trust, delivered a comprehensive and data-driven keynote speech. He reflected on the macroeconomic conditions of 2024, noting that Uganda’s economy showed robust growth despite regional and global uncertainties.
“Uganda recorded real GDP growth of 6.06% in FY2023/24, up from 5.34% the year before.
The size of the economy grew to USD 41.33 billion,” he said. Mr. Kihuguru attributed this growth to solid performance in services, infrastructure, and oil and gas investment, which generated over 15,000 jobs and attracted nearly USD 10 billion in cumulative investment by the end of 2024.
He also applauded the country’s fiscal discipline and price stability, noting that headline inflation averaged 3.32% while the Ugandan Shilling appreciated significantly, closing the year at 3,670 per USD. Capital markets also performed strongly, with the Uganda Securities Exchange All Share Index rising 36.94%, and the Local Share Index up 12.93%, supported by renewed investor confidence.
These conditions underpinned what he described as a “transformational year” for OMIG’s funds.
In his remarks, OMIG Managing Director Zac Kisesi thanked unit holders and partners for their trust and collaboration over the year. He emphasized OMIG’s growing impact on financial inclusion in Uganda, citing a 67% increase in total unit holders—from 30,165 to 50,416.
“We’re especially proud that over 20,000 new investors joined our unit trust products in just one year. This speaks to growing awareness and accessibility of investment solutions in Uganda,” he stated. Mr. Kisesi reaffirmed OMIG’s long-term commitment to innovation, governance, and delivering consistent returns for all classes of investors.
The financial results for the Unit Trust Funds were presented by John Golooba, Chief Financial Officer of OMIG. Mr. Golooba reported that total assets under management grew by 43% to UGX 2.407 trillion. “Each of our funds registered strong performance. The Umbrella Fund returned 11.77%, the Money Market Fund 11.28%, and the Balanced Fund 12.64%, all exceeding their benchmarks,” he noted. The Dollar Fund, in particular, showed exceptional growth, more than tripling in value to USD 39.22 million and earning a net return of 5.03%. He attributed this performance to prudent portfolio reallocation toward fixed income and longer-dated government bonds.
KPMG Country lead, Stephen Ineget presented the independent auditor’s opinion for the four funds under management. He confirmed that OMIG’s financial statements “give a true and fair view” of the Group’s position in accordance with IFRS standards and Uganda’s capital market regulations. Ineget noted that the audit had found no material misstatements and no key audit matters were flagged, emphasizing OMIG’s robust internal controls and financial transparency.
Speaking on behalf of the legal advisors, Hilda Kansiime from Kasirye Byaruhanga & Co Advocates addressed the evolving regulatory environment. She discussed the implications of new capital markets reforms and regulatory tightening expected in the lead-up to the 2026 general elections. Ms. Kansiime reassured attendees that OMIG’s governance framework and compliance posture remain strong and forward-looking, with systems in place to adapt swiftly to legal and policy changes.
The meeting also featured insightful remarks from OMIG’s key banking partners. Andrew Omiel, representing Stanbic Bank Uganda, acknowledged the bank’s role as custodian of the Dollar Trust Fund and commended OMIG for fostering investor confidence through transparency and education. He emphasized the continued importance of investor literacy in strengthening the country’s collective investment sector.
Patrick Ssewanyana, speaking for KCB Bank Uganda—trustee for the Dollar Trust—highlighted ongoing efforts to enhance cross-border investor services and streamline reporting. He underscored the trust’s importance to retail and diaspora investors seeking stable, regulated investment options in hard currency.
The AGM was also an opportunity to recognize the shifting market dynamics shaping investment strategy. With the government’s domestic financing requirements pushing up interest rates across the yield curve, OMIG strategically repositioned its portfolios toward higher-yielding long-term bonds. Notably, bond exposure in the Umbrella Fund increased by UGX 264 billion, reaching UGX 760 billion. Allocations to tenors above 10 years rose to 47.4%, demonstrating OMIG’s active positioning to capture value in a rising-yield environment.
Despite elevated interest rates, Mr. Golooba assured unit holders that the Group maintained liquidity and risk discipline across all portfolios. The Balanced Fund, for instance, held significant exposure in fixed deposits and government securities while maintaining moderate equity positions in listed firms with improved earnings prospects.
Looking ahead, Chairperson Geoffrey Kihuguru was cautiously optimistic. Uganda is projected to grow by 6.3% in 2025, supported by increased oil activity, improved credit conditions, and ongoing macroeconomic stability. However, he warned of downside risks, including global trade tensions, donor funding cuts, and increased government borrowing in the run-up to 2026 elections. “In this environment, we remain committed to cautious, transparent, and responsive fund management,” he said in closing.
The event concluded with a vibrant Q&A session, where unit holders appreciated the transparency of disclosures and engaged senior management on topics ranging from fund fees to product innovation. A vote of thanks was delivered by the Chairperson, who praised the contributions of partners, staff, and investors in achieving another landmark year.
