XENO doubles asset management to Shs 60bn within a year

Over the past one year, XENO Investment Management Limited has doubled its asset management from Shs 31bn in 2022 to Shs 60bn in 2023.

This was revealed by CEO Aeko Ongodia during their annual general meeting (AGM) on April 24 at Workers House. Founded in 2017, XENO offers affordable goal-based investment management services to any individual or group in Uganda. With over 30,000 clients, it offers technology-led, automated, and personalized investment management services.

At the same AGM chaired by Rosemary Nantambi, it was revealed that the investment firm has crossed 100,000 registered investment accounts, majority of which are in Uganda. What’s more, it has pioneered automatic savings to allow users to make recurring deposits directly from their mobile wallets to their XENO investment accounts.

“Last year marked the sixth year in our mission to ensure that ordinary Ugandans; from the askari earning minimum wage to the mother working to provide for her children, all have the tools and professional guidance to plan, save and invest to fulfil their future financial responsibilities,” said Ongodia.

“AutoSave is fast becoming the most popular way customers deposit into their investment accounts, currently accounting for a growing percentage of monthly deposits. Together with other new features like express onboarding, we witnessed a rise of new investors choosing XENO to help them achieve their financial goals.”

In 2023, investors entrusted XENO with Shs 42 billion in savings to manage asset classes such as money markets, bonds, domestic, and regional equities.

For one, the XENO Uganda bond fund that invests in long-term assets, outperformed the benchmark with yields at 15.53 per cent. The fund grew from Shs 35 billion to Shs 48 billion in 2023.

Meanwhile, the XENO Uganda money market fund performed at 12.03 per cent due to demand from short-term instruments and stability of the Uganda shilling by Bank of Uganda.