Three Mutual Funds managed by United Bank for Africa (UBA) Asset Management Limited rewarded their respective unit holders with dividends, their financial statement for the year ended March 31, 2011 has shown.
The mutual funds comprised of UBA Balanced Fund, UBA Money Market Fund, UBA Bond Fund and UBA Equity Fund.
Specifically, unit holders present at the 4th annual general meeting (AGM) of the Fund unanimously approved the payment of 10k, 10k and 8k dividends for UBA Balanced Fund, UBA Bond Fund and UBA Money Market Fund, respectively, proposed by the fund manager.
Speaking at the AGM, Managing Director, UBA Asset Management Limited , Mr. Haruna Jalo-Waziri, said the UBA mutual funds would continue to provide shareholders with good returns on investments, adding that the fund managers were gearing up for the challenges posed by the present economic climate.
ÃƒÂ¢Ã¢â€šÂ¬Ã…â€œIt has been a difficult year, but the Fund has performed very well compared to the market generally. The way you quantify a FundÃƒÂ¢Ã¢â€šÂ¬Ã¢â€žÂ¢s performance is by its growth and not just by subscription. We are optimistic that investors will have good reason to continue to put their funds in our portfolio given the fact that UBA Mutual Fund will always ensure good returns to investors.
ÃƒÂ¢Ã¢â€šÂ¬Ã…â€œOur target is to be either number one or two in the asset management business in Nigeria. Now that are putting new structures such as a new technology, we have decided to have a new custodian and we have restructured our operations internally, we are likely to see significant growth, both in new subscription and internal growth and the Fund would be very competitive,ÃƒÂ¢Ã¢â€šÂ¬Ã‚Â he added.
Jalo-waziri also assured unit holders of better returns in the coming years, adding that UBA Asset Management Limited had a set of experienced investment team with expertise in conducting research into the market with a view to ensure that investorsÃƒÂ¢Ã¢â€šÂ¬Ã¢â€žÂ¢ funds were invested in equities that guaranteed long-term returns to investors.
In his comment, a unit holder, Mr Remi Olatubode representing Christ Crusade Investment Limited commended the proposed dividend pay-out.
He said: ÃƒÂ¢Ã¢â€šÂ¬Ã…â€œIt was a very good investment, especially in this time of economic downturn.ÃƒÂ¢Ã¢â€šÂ¬Ã‚Â He also thanked UBA Asset Management Limited for living up to its billings.
Source: ThisDay/Obinna Chima