508,000 Unit Trust customers
Total assets grow to $21.5 billion. UTC grew despite adverse economic conditions.
The Unit Trust success story continues with a decent performance in the first six moths of the year.
Despite the gloom of economic contraction, net income was $65 million and total assets grew to $21.5 billion and this caused Chairman Amoy Chang Fong to state in her review that “growth was better than expected….”
She noted that investors favoured mutual funds “despite the volatility in the local and international markets and noted that the UTC Energy Funds which were volatile last year had returns of 9.52 per cent by June 30.
Regarding her outlook for the future, Chang Fong stated:
“Going forward it is anticipated that unit prices will be dependent on the performance of equity and bond markets which are expected to grow, albeit, slowly. The income funds will see stable returns at current levels since the low levels of international interest rates are expected to be maintained for some time.”
The Unit Trust’s assets grew by $1.6 billion for the first six months and membership grew to 508,000 making it the country’s biggest mutual fund.