Standard Chartered Bank Uganda has launched an offshore Mutual Funds product for its clients to enjoy access to hundreds of underlying equities or bonds from Blue-chip companies in the US, Europe, UK, Asia and emerging markets in different sectors like healthcare, technology, real estate and ESG or green investments.
The proposition is a first of its kind in Uganda and will provide the Bank’s clients with an affordable and diverse way to put their money to work in some of the world’s most promising markets. What differentiates this product is its affordability as any individual client can start investing from as low as USD 100 (Shs 370,000) with a simple monthly plan and they can invest in USD, EUR and GBP.
Clients will easily and conveniently invest in these offshore Mutual Funds as well as cash out their investment at any time at market value.
While unveiling the offshore mutual funds proposition, the Chief Executive Officer, Standard Chartered Bank Sanjay Rughani said; “With offshore Mutual Funds, we will be able to offer our clients access to a broader range of markets and industries, and the potential for higher returns. Our experienced Relationship Managers will also provide any client with objective, relevant wealth advisory and solutions they need to achieve their ambitions. All investors can take comfort in knowing that this offshore mutual fund proposition has been carefully designed and will be managed by our team of experienced professionals, and we are confident that it will perform excellently well.”
Moses Rutahigwa, the Head Consumer Private and Business Banking, Standard Chartered Bank said; “We are proud to announce the launch of International Mutual Funds, an alternative investment vehicle that is affordable and offers a diverse way to put one’s money to work. We are in a strong position to help any client build a secure future for themselves and their families as we have a unique combination to offer: an open architecture platform which means we access insights and solutions from the best providers in the industry as well as strong investment advisory capabilities and strategic partnerships with insurers and asset managers.”
Lydia Nakamya General Manager, Affluent Banking and Wealth Management our clients will gain access to global investment, have an opportunity to diversify their portfolios by adding exposure to different markets, sectors, and currencies, access higher returns than what’s currently available locally as well as reduce their risk due to diversification of their portfolios. We welcome all potential clients to contact us so by professional Relationship Managers can talk through the product’s proposition and the rest of our investment opportunities, help them get their profiling done online to assess their risk-taking appetite then assist them with their investments.
Speaking on behalf of Capital Markets Authority, the Chief Executive Officer, Mr. Keith Kalyegira said; “As Capital Markets Authority our role is to protect investors’ interests and ensure the integrity and stability of the capital markets in Uganda. This includes setting and enforcing regulations related to the registration, operation, and reporting of mutual funds, as well as conducting inspections and investigations to ensure compliance. We are proud to have worked closely with the team at Standard Chartered Bank to support Ugandans with an inclusive investment option that is flexible, affordable and relatively conservative in terms of risk.”
He added: “Schemes like the one Standard Chartered are launching are highly regulated and CMA also has the power to take disciplinary action for any violations of regulations or for engaging in fraudulent or unethical practices. Additionally, the CMA may also provide guidance and education to mutual funds.”