Cornerstone Asset Managers has launched its operations in Uganda, offering wealth management and investment services to individuals, institutions, and corporations.
The new firm, which has been granted a license by the Capital Markets Authority of Uganda (CMA), will provide a range of investment services, including unit trusts and wealth management solutions.
According to Henry Ariganyira Musasizi, Uganda’s Minister of State for Finance, Planning and Economic Development, the firm’s presence in the Ugandan market marks a significant milestone in the country’s journey towards financial inclusion and economic growth.
“Cornerstone’s wealth management services and Unit Trust Funds represent a bold step forward in enabling Ugandans to secure their financial futures,” Musasizi said in a statement.
Michael Opira, Board Chair of Cornerstone Asset Managers, said the firm is committed to delivering bespoke investment solutions that cater to the unique needs of its clients.
“We are dedicated partners who work closely with our clients to achieve their financial goals,” Opira said. “Our team of experts has a deep understanding of the local market and is well-positioned to provide innovative solutions that meet the evolving needs of our clients.”
The launch of Cornerstone Asset Managers comes at a time when Uganda’s economy is experiencing significant growth, driven by a young and entrepreneurial population, as well as an expanding middle class.
With its innovative approach and commitment to excellence, Cornerstone Asset Managers is poised to make a significant impact on Uganda’s wealth management landscape.
Officiating at the launch of Cornerstone Asset Managers’ Investment Management Services in Naguru,Kamplala,the Minister of State for General DutiesHenry Musasizi, congratulated the company for achieving this milestone and being licensed by the Capital Markets Authority (CMA).
The license authorizes the company to offer financial products such as private wealth management, unit trust funds, and pension management, among others.
Musasizi said this development is in line with the Government policy on capital mobilization and financial inclusion.
“Our young population, thriving entrepreneurial spirit, and increasing middle class provide enormous prospects for growth. To fully achieve this potential, we must guarantee that individuals, families, and businesses have access to a wide range of financial solutions that address their needs for security, growth, and long-term prosperity,” said Musasizi.
He said the total capital market capitalization as at 31st August 2023 stood at Shs 7.2 trillion, representing only 4.4% of GDP compared to 10.5% of GDP for Kenya, 45.3% of GDP for Mauritius, and 327.6% of GDP for South Africa (equivalent to USD 1.23 trillion).
Musasizi said this implies that our capital markets are not doing well compared to our peers and more work needs to be done.
The Minister said the Finance Ministry is working to strengthen capital markets as an alternative source of long-term development finance for both the public and private sector.
He said the Government interventions include: establishment of a framework for operationalising the fixed income market, expansion of the Investor compensation Fund,strengthening the dispute settlement mechanism & promoting private equity finance, among others.
“We believe the above proposed interventions shall contribute to the development of capital markets in Uganda,” said the Minister.
Cornerstone Asset Managers to offer wealth management solutions in Uganda
