UTC boss: Time to invest is now
Monday, August 24 2009
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MEETING THE PRESS: Unit Trust Corporation's executive director Marlon Holder, third from left, engages the attention of Newsday's senior Associate Edi...
With the world markets beginning to show signs of economic recovery, executive director of the Trinidad and Tobago Unit Trust Corporation (UTC) Marlon Holder, is advising, “the time to invest is now.”
The stability of the economic markets of the United States, Germany, and Japan as well as several other countries, is showing the international financial crisis is drawing to a close, and Holder is in agreement with this theory.
“Normally, Trinidad and Tobago’s economy lags about three to six months behind the industrialised world. We are seeing increases in the price of oil but not great change in the price of natural gas, our key export. All in all though, we must start positioning for a gradual recovery around Christmas time” Holder said in a statement. Because of this, the UTC executive director called on the investors to seize opportunities now, before the markets rise again.
Speaking at the UTC Media Brunch at Satchmo’s Jazz Pub on Ariapita Avenue, Holder also commented on the UTC’s 2009 year to date fund performance.
He specifically highlighted the UTC North American Fund and UTC Energy Fund as strong performers in the Corporation’s Equity Portfolio, but he also stressed the need for customers to diversify their wealth management portfolios. “With 11 investment products, UTC continues to offer its customers varied channels to save and invest. Currently, our products are performing well, four are performing in line with current market conditions and seven (UTC mutual funds) are performing very positively,” Holder said. He also said the corporation was confident its customer base would grow to over one million customers much faster than the 28 years it took to get to 500,000. “UTC is increasing our accessibility to our customers through our electronic channels,” Holder said.
He indicated later this year the corporation will launch touch screen ATMS and increase UTC services available from the Corporation’s online services.
“In November, customers from around the world will enjoy even more access to the UTC as we expand U-online (UTC’s web based investment management service) to include transfers of funds to and from the UTC using a web based channel.” Holder said.
The executive director also stated the corporation was seeking to expand its physical presence in the country as it was in “near final stages” of negotiations for a “new landmark location in Western Trinidad.”
Holder also said the corporation was aggressively seeking out new locations to serve customers in Eastern and Southern Trinidad.
“UTC is thankful to our customers that have invested with us over the past 28 years,” said Holder. “As we move beyond 500,000 (customers), we will continue to work to build the wealth of these and new customers in innovative ways,” he said.