On Monday 18th May 2015 CORE Securities, named the best advisory brokerage firm in East Africa by Capital Finance International in 2013, will unveil UMANDE Unit Trust at Southern Sun hotel in Dar Es Salaam.
Three funds will be offered under UMANDE, to cater for different investor profiles: the Umande Capitalisation Fund, the Umande Income Fund and the Umande Balanced Fund.
The funds provide access to the equities listed at the Dar Es Salaam Stock Exchange (DSE) as well as access to government bills, bonds and money market.
A major benefit of UMADE Collective Investment Scheme (CIS) is its high liquidity: being an open-ended fund Units may be purchased or redeemed on every business day.
UMANDE tax benefits include no capital gains tax on Units redeemed and reduced withholding tax on dividends at 5%.
All details of UMANDE will be unveiled by Fund Manager George Fumbuka, a UK Chartered Accountant and licensed by the NBAA as a Public Certified Accountant in Public Practice, who as has been involved in all the financial reforms and capital market developments in Tanzania during the last 25 years.
Fumbuka also successfully managed a number of IPOs in Tanzania as CEO of CORE Securities.
The launch will also see the presence of UMANDE Investment Advisor, OMEGA Capital Limited, an experienced Asset Management Company licensed by the Securities Exchange Commission of Ghana in the category of Investment Advisors.
Over the past three years DSE indices and market capitalization have depicted a strong growth trajectory.
Accoridng to Moremi Marwa, CEO of the Dar es Salaam Stock Exchange, when interviewed by TanzaniaInvest.com “Over the past three years the DSE All Share Index and total market capitalization have grown at a consistence compounded annual growth rate of above 20%. The Tanzania Share Index (TSI) that tracks and measures the performance of domestic listed companies, has grown by about 150% in the past three years.”
