Foreward – ‘Welcome to the Perspective’
It is an absolute pleasure to welcome you to the first edition of our Magazine;- ‘The Perspective’ ;- Retirement Benefits Sector Investments. This magazine, which will be published annually, brings you an insight into the sector’s investments performance, asset allocation, risk profile, growth of the different asset classes as well as the historical return against inflation with a 3-year trend.
This 1st edition also includes articles on topical areas of interest contributed by key sector practioners, representatives from the World Bank group and the EAC region, in addition to a summary on all the licensed Fund Managers including; their key investment staff, investment philosophies and Assets Under Management. The sector’s total Assets Under Management currently stands at 15.2 trillion covering 64 licensed schemes from 7.2 trillion with 43 schemes in June 2017, representing a growth of more than 100% over the three-year period. To sustain and further grow the sector, URBRA in conjunction with Capital Markets Authority (CMA) made significant progress to enhance Schemes’ reporting parameters by introducing an online reporting platform to ensure consistent reporting, timeliness, comparability and depth of information reported by Fund Managers.
To ensure pro-active surveillance and assessment of schemes’ investment and financial performance, URBRA commenced the publication of the Quarterly Investment Snapshot in 2018. The Snapshot presents the economic market sentiment with a forecasted outlook, growth, distribution and performance of the different asset classes, as well as, general investment trends within the sector. Published quarterly, the snapshot has become the accepted industry benchmark and guide for Trustees in schemes’ investment management and monitoring.
Effective monitoring and assessment of performance of schemes’ assets by URBRA helps ensure Trustees undertake their fiduciary duties and responsibilities prudently. The Authority draws from submitted statutory returns and other supervisory approaches to ensure that the Trustees are acting in the best interest of members. Resultantly, we have noted a shift over the years, with Trustees focusing on longer term performance and appreciating the role of diversification on their overall scheme’s performance.
Going forward, we will deliver greater comparability of the sector’s investment performance as we introduce new data parameters and standardize the valuation methodologies for the different asset classes applied by Fund Managers in the sector. For this reporting period, we have begun making public our view on trend of scheme performance over a three-year period as we build into a decade in the subsequent publication. We hope you will find the inaugural edition of ‘The Perspective’ useful and look forward to your feedback and comments.
Martin Anthony Nsubuga
Chief Executive Officer – URBRA