A major Tanzanian investment firm is looking to expand across the region. UTT Asset Management wants to move into markets within the East African Community and the Southern African Development Community. This push comes after the company saw massive growth, with its assets jumping to over three trillion shillings. Its investor base also exploded, climbing from three hundred thousand to more than half a million people.
The managing director, Simon Migangala, stated they are building a foundation for this regional move. He mentioned upgrading their digital systems and creating new products to attract foreign capital. Their flagship Umoja Fund has grown eightfold since its launch. Other funds under their management reported strong annual returns as well. The company has even opened new local offices in places like Morogoro to support domestic growth alongside its international ambitions.
Chairman Faustin Kamuzora emphasized the security and professional management of their six investment funds. He connected this stability to the national goal of building a trillion-dollar economy. The broader trend shows Tanzanians shifting from informal savings toward structured funds, seeking better returns and transparency. UTT's plan signals a new phase where local financial players aim to become significant regional forces.
The managing director, Simon Migangala, stated they are building a foundation for this regional move. He mentioned upgrading their digital systems and creating new products to attract foreign capital. Their flagship Umoja Fund has grown eightfold since its launch. Other funds under their management reported strong annual returns as well. The company has even opened new local offices in places like Morogoro to support domestic growth alongside its international ambitions.
Chairman Faustin Kamuzora emphasized the security and professional management of their six investment funds. He connected this stability to the national goal of building a trillion-dollar economy. The broader trend shows Tanzanians shifting from informal savings toward structured funds, seeking better returns and transparency. UTT's plan signals a new phase where local financial players aim to become significant regional forces.
