Uganda’s rapidly expanding investment market is attracting new players as more individuals and businesses seek alternatives to traditional savings, with I&M Capital Limited becoming the latest entrant into the country’s wealth and investment management space.
The company, part of I&M Group PLC, has officially commenced operations in Uganda after obtaining a licence from the Capital Markets Authority (CMA) in November 2025 to operate as a fund manager.
Its entry comes at a time when Uganda’s capital markets are recording significant growth in investor participation and assets under management.
According to the CMA, domestic market capitalisation increased from Shs4.33 trillion in June 2021 to Shs21.77 trillion in March 2026, while assets under management in Collective Investment Schemes rose from Shs731 billion to Shs6.02 trillion over the same period.
Funded investor accounts also increased from about 29,000 to more than 220,000, pointing to growing participation in Uganda’s investment market.
I&M Capital CEO Silas Ngumi Mutuku said the changing investment landscape presents an opportunity to extend wealth management beyond its traditional base of high-net-worth individuals.
“Wealth management solutions had traditionally been available primarily to high-net-worth individuals, but this is changing as more young professionals, entrepreneurs and affluent individuals seek ways to build, protect and grow their wealth,” Mutuku said.
He said Uganda presents a similar opportunity to the one that prompted the company to establish its operations in Kenya, citing the country’s growing economy, young professional population and expanding entrepreneurial class.
“So why Uganda? Quite simply, we see the exact same opportunity that inspired us when we started I&M Capital in Kenya; a growing economy, a young and increasingly sophisticated professional population, entrepreneurs building businesses and a growing number of people who want to move beyond simply saving and start investing more deliberately for their future,” Mutuku said.
I&M Capital will offer a range of investment and wealth management solutions, including portfolio management and advisory, money market investments, government securities, equities and offshore investments.
Mutuku said the company intends to support customers throughout different stages of their financial lives, from building careers and businesses to accumulating, diversifying and eventually transferring wealth to future generations.
“We want to be there as a young professional builds a career, as an entrepreneur builds a business, as a family grows and as wealth is accumulated, diversified and ultimately passed on to the next generation. We also want to play our part in building a stronger culture of investment and financial literacy in Uganda,” he said.
I&M Bank CEO Robin Bairstow said the changing financial needs of customers are also driving demand for investment solutions beyond conventional banking.
“Customers are asking new questions. How do I grow my wealth? How do I diversify my investments? How do I preserve what I have worked hard to build? How do I create long-term value for my family, my business and future generations? I&M Capital is positioned to help answer all these questions,” Bairstow said.
He said the investment business would complement rather than replace the services provided by I&M Bank.
“Together, our banking and investment capabilities create a more complete financial ecosystem, allowing us, as the I&M Group, to support customers at every stage of their financial journey,” he said.
The growing interest in financial assets was also highlighted during a fireside chat hosted by I&M Capital Country Manager Uganda Philip Musinguzi, with I&M Bank Uganda Board Chairman Francis Kamulegeya as the guest.
Kamulegeya said effective wealth management requires investors to strike a balance between liquidity, risk protection and the transfer of wealth across generations.
“Whether managing Shs100 million or Shs1 billion, effective wealth management requires balancing liquidity, risk protection and multi-generational transfer. It is about ensuring that your wealth remains resilient through changing market conditions, while ensuring that it can be preserved and transferred efficiently to the next generation,” he said.
He said attitudes towards inheritance are also changing, particularly among younger generations, who increasingly view wealth beyond land, property and other physical assets.
According to Kamulegeya, younger investors are showing greater interest in financial assets because of their liquidity, flexibility and potential to generate further investment opportunities.
The CMA said the entry of more investment management firms is important to the development of Uganda’s capital markets and the mobilisation of long-term financing.
CMA Market Supervisor Denis Kizito said capital markets provide a link between investors and businesses and projects that require long-term financing.
“Capital markets provide the mechanism through which savings can be transformed into equity, corporate debt, infrastructure finance, collective investment vehicles, real estate vehicles, investment vehicles and other forms of long-term financing. The entry of I&M Capital into the market further strengthens this ecosystem,” Kizito said.
I&M Bank Uganda Head of Marketing and Corporate Communications Annette Nakiyaga said the new business would give customers greater access to investment opportunities.
“Through I&M Capital, we are expanding the solutions available to customers and opening up greater opportunities for them to participate in Uganda’s growing investment landscape, supported by professional expertise and the strength of the I&M Group,” she said.
The launch therefore comes against a backdrop of a rapidly developing investment market, with rising participation suggesting that Ugandans are increasingly looking beyond conventional savings towards diversified investment and wealth-building options.
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