UTC reports growth in 2017

The Unit Trust Corporation of TT (UTC) has posted higher net returns to unitholders in four of its seven funds in the financial year ended December 31, 2017.

Outgoing UTC executive director Ian Chinapoo presented the financial results during the corporation's 35th annual general meeting yesterday at the National Academy for the Performing Arts, Frederick Street, Port of Spain.

"While we were challenged by the investment climate, (I'm) happy to announce that our financial position, backed by our philosophy of safeguarding unitholders' capital while minimising volatility,brought positive results. Four of our seven funds posted higher net returns to unitholders in 2017 compared to 2016, which includes our flagship Growth and Income Fund, generating a net return of 5.4 per cent, more than double the return of 2016."

Even as several shareholders murmured their appreciation of this news, Chinapoo announced the Universal Retirement Fund saw a net return of 6.2 per cent, up from 2.2 per cent in 2016.

The UTC also reported a 1.5 per cent increase in the FUM to $21.9 billion while retained earnings – the corporation's accumulated savings – grew by 4.7 per cent to $1.4 billion. UTC's total revenue was $1.1 billion and its customer base grew by 1.1 per cent from about 603,000 unitholders to 609,000 unitholders in 2017.