UTC pays out record $473M to unit holders

THE YEAR 2002 was profitable for the Unit Trust Corporation (UTC) which paid out TT$473 million to its unit holders. According to newly appointed chairman Hubert Alleyne, this is the highest amount ever paid out to investors of a financial institution in Trinidad and Tobago. Alleyne was speaking Wednesday  at the 21st Annual General Meeting of the UTC at the Central Bank Auditorium. He revealed that for the five-year period 1998 to 2002, the accumulating sum paid to unit holders and owners was in excess of $1.5 billion. The unit holding community has reflected continued growth, rising from 355,809 accounts as at December 31, 2001, to 391,700 by December 31, 2002. This is an increase of 35, 891 or 10.1 percent. Alleyne said for 2003 the UTC expected to exceed the significant milestone payment to its unit holders of half a billion dollars. “This is because of the projected performance of the economy,” he said. “In this regard, we expect low interest rates and high liquidity to continue.”

UTC Executive Director Clarry Benn said in 2002, gross sales crossed the TT$4 billion mark for the first time, reaching an all time record of TT$4.9 billion, an increase of 30.8 percent over 2001. For the second time in its history, he said, the Gross Revenue of the UTC topped the half billion dollar mark, increasing by 30.6 percent over the previous year to stand at TT $662.7 million. Consolidated assets surpassed TT$8 billion, an increase of 51.55 percent or TT $2.9 billion, while retained earnings stood at TT $217 million, an increase of TT $59.4 million or 37.6 percent. Gross income surpassed the TT$99.2 million achieved in 2001 by TT$54.7 million or 55.1 percent to stand at TT$153.9 million at December 31, 2002. At the end of May, combined sales for the four funds managed by the UTC — the Growth and Income Fund, the TT Dollar Money Market Fund, the US Dollar Money Market Fund and the Chaconia Income and Growth Fun — amounted to TT$1.9 billion. “This,” Benn said, “placed the Corporation well on course with budgeted sales for the period.” Total funds under management from the end of last year increased by $694 million to reach $8.5 billion while Assets Under Management increased by TT $888 million over the December 31, 2002 figure of TT$8.5 billion to stand at TT$9.3 billion by May 31.