The Unit Trust of Fiji (UTOF) is actively collaborating with various institutions to facilitate investments from Fiji’s diaspora. Vilash Chand, the UTOF chief executive officer, emphasized the tremendous potential that exists in untapped markets. With inward remittances reaching approximately $2 billion, UTOF aims to engage at least 10 percent of that market.
“There is a great opportunity for us to tap into that particular market,” Mr. Chand stated while addressing inquiries from local media. He mentioned that while several challenges exist regarding these investment transactions, they are manageable, and there is a noticeable eagerness from the diaspora to invest. Although some individuals have become unit holders, Mr. Chand admitted that the current numbers do not meet the organization’s expectations, indicating room for improvement.
UTOF board chairwoman Lavinia Kaumaitotoya highlighted the immense market potential represented by the diaspora. “One of our strategic policies this year is to really drive diaspora marketing,” she noted. The organization’s new website launch serves as a foundational step towards onboarding this group of potential investors.
Ms. Kaumaitotoya elaborated on the importance of outreach, stating that, similar to the multi-year effort to promote financial literacy through talanoa sessions with communities, a similar approach will be necessary this year to engage the diaspora market effectively.
In a positive development, UTOF has recently surpassed $600 million in total funds under management. Furthermore, this week, the trust announced a distribution of 3.95 cents per unit for its Income Growth Fund and a three percent return for its Income Fund unit holders, showcasing its commitment to returning value to its investors.
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