UGANDA - Uganda's National Social Security Fund is signing on new asset managers to help it manage its equities portfolio.
In a notice to members posted on its website, board chairman Vincent Ssekkono said: "In order to get maximum value of its shares and participate more actively in other listed companies, the fund is in the final stages of contracting fund managers and brokers to handle its equities business."
An asset allocation was not provided, but Ssekkono said the NSSF invests in equities, real estate and fixed income.
The fund's portfolio grew 23% in the year ended June 30 to UGX1.6trn ($711m). The fund posted a profit of UGX160bn before tax during the year.
"This performance is attributed to the effective cost management and increased contributions which enabled the fund to invest more in productive fixed income instruments. Other factors that have contributed to this performance are improvement in the share prices, appreciation of property investments and favourable movements in foreign exchange rates," said Ssekkono.
The existing board has been in place for just over a year and in that time has created a new internal investment policy. No further details about the policy were given.
The NSSF is a government mandated social security fund covering all employees in the private sector. Officials could not immediately be reached for comment.
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