Unit Trust of Fiji has received more than $14 million in investments from the Vanuatu National Provident Fund, Samoa National Provident Fund and Unit Trust of Samoa.
Fiji Village News reports that “this was revealed by Unit Trust of Fiji Chairperson Shaenaz Voss today at the signing of the Memorandum of Understanding between the Unit Trust of Fiji and the Samoa National Provident Fund.”
UTOF was established under the Unit Trust Act 1978 and was launched on 25th of April 1978. The specific aim of UTOF is to provide investors such as mums and dads in Fiji an opportunity to create and grow their wealth while spreading their risks and leaving the management of their investments in the hands of the experts.
It was also established to assist the Government’s policy of promoting wider participation by residents for the future development of Fiji. UTOF has been meeting the needs of investors for over 36 years and has become one of the major investment institutions in Fiji.
In UTOF, the funds of many investors are pooled together and invested on their behalf in a diversified investment portfolio. The investors in UTOF are called “Unit Holders”.
The investment income from the portfolio is then distributed six monthly to the unit holders as “tax-free” dividends.
The investors in Income & Growth Fund could also generate potential capital growth from their investments subject to market and portfolio performance.
The Unit Trust Act 1978 requires one company to manage UTOF (“The Manager”) and a separate and independent company (“The Trustee”) to act as custodian of the asset of UTOF and protect the interest of the unit holders through conducting necessary due diligence. The Trust Deed sets forth the relationship between the “Manager” and the “Trustee”.
Unit Trust of Fiji had earlier signed an MOU with Unit Trust of Samoa and to date they have collectively invested a total of $8.025 million dollars with Unit Trust of Fiji.
Voss says they have also executed an agreement with Vanuatu National Provident Fund and a new unit trust called YUMI Trust Fund will open its services in January 2019.
Unit Trust of Fiji CEO Vilash Chand has highlighted that their investment portfolio has grown at the average rate of 20% per annum.
Chand stated that from 2010, it has grown from $70 million to $225 million which is a growth rate of 220%.
He says with the signing of the MOU they have achieved a milestone as they have been looking to expand into the region which is also good news for all investors.