HARARE – First Mutual Wealth Management, a unit of First Mutual Limited, officially launched its unit trusts business earlier today after obtaining a licence in April this year. Speaking at the official launch today, First Mutual Wealth general manager, Max Ncube indicated that the company operates 5 unit trust schemes cutting across all asset classes except property. These are pooled investments and the fund manager has a full discretion mandate. Investors choose funds that are suitable for the investment objectives and liability profile.
“Investors can also have exposure in all the fund types…Income is earned through capital appreciation (for capital market instruments and property) as well as interest income, rentals and dividends declared,” he said. Ncube told guests that First Mutual Wealth has a shareholder capital of $663 000 against regulatory minimum of $250 000 while the total asset base amounts to $834 000. The unit’s turnover is currently above $1 million and funds under managements are above $124 million.
Guest of honour, chairperson of Securities and Exchange Commission of Zimbabwe Willia Bonyongwe applauded First Mutual Wealth for its visionary leadership, determination and innovativeness despite the situation prevailing in the economy.
“You have demonstrated that FMHL does indeed go beyond the ordinary way of doing things and looks at relevance and provides economic dignity to the nation through its various product offerings which includes life, health, insurance, reinsurance, savings and property,” she said.
