UNIT-HOLDERS in the United Bank for Africa (UBA) Mutual Funds have approved the dividend of 10 kobo, 10 kobo, and eight kobo for the UBA Bond Fund and UBA Money Market Fund and UBA Equity Fund.Speaking at the 4th yearly general meeting of UBA Asset Management Mutual Funds in Lagos on Thursday, the Managing Director of UBA Asset Management, Mr. Haruna Jalo-Waziri told shareholders that the UBA Mutual funds would continue to provide shareholders with good returns on investments, as the fund mangers were gearing up for the challenges posed by the present economic climate.'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, Jalo-waziri assured unit holders of better returns in the coming years adding that UBA Asset Management Limited possessed world class investment team with expertise in conducting research into the market with a view to ensure that investors' funds were invested in equities that guaranteed long-term returns to investors.According to him, the company has put strategies in place to enhance growth and profitability in the company both in terms of new subscription and internal growth of the overall fund.He assured shareholders that the managements are doing everything within their powers to consolidate on the performance by putting the right systems in place to continue to yield good dividend at the end of every financial year adding that in the next two to three years, the company would be rated the number one or two in Asset Management business in Nigeria.'How to rate performance is by growth you have done and not just by subscription but in terms of increase in capital that someone has invested.'Today, we are paying dividend of 10 kobo each, apart from the Equity fund and so if you have a dividend cover of 10 per cent , tell me any fund that has a dividend cover of 10 per cent in Nigeria. Comparatively with its peers, the market has done very well.'He said the major challenge faced in the business environment is the issue of multiple advisers.According to him, multiple advisers, by regulations takes away the key element on fund manager's return due to the exorbitant fee charges.He, however, added that the company is discussing with the regulators on how to bring down the fees to enhance the company's profit and sustain it. He added, 'other macro economics like what happened in the money market is also affecting us in many ways despite that we have a balanced fund.'Essentially, we invest in quoted companies that exist in Nigeria. So what ever affects their fundamentals also affect us including power problem, infrastructure among others but if they get better, the fund will improve.
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