$30m in Unit Trust
INVESTORS from around the Pacific region have invested around $30 million with the Unit Trust of Fiji (UTOF) under its Global Investment Fund.
UTOF Management Ltd chief executive officer Vilash Chand said the fund is increasing in popularity around the region, especially given Fiji’s relatively stronger currency.
“As of today, we have around $F30m invested in UTOF from institutions like Vanuatu National Provident Fund, Samoa National Provident Fund, Samoa Unit Trust and Samoa Parliamentary Fund,” Mr Chand said in an interview with The Fiji Times.
“We are working with Solomon and Kiribati and Tonga for them to consider similar opportunities that other regional partners have taken.”
He said UTOF’s Global Investment Fund was created specifically to attract offshore investors and the Fijian diaspora overseas, particularly in the UK, US, Australia and New Zealand.
“As you know most Fijians go abroad to work, so we’re trying to encourage them to save back home so that by the time they return home for retirement, they have some source of savings with us,” Mr Chand said.
“The response has been good but more awareness is required.
“Recently we’ve been working with Fiji Police Force and the military to ensure that before personnels are deployed, we’re able to provide them with much needed awareness and we’re able to register them.
“So when they go to their employment, they are able to make direct investment with us.”
Early this week, UTOF paid out record dividends to its 60,580 unit holders, which included its Global Investment Fund investors.