ANNUAL REPORT 2024
UNIT TRUST CORPORATION ANNUAL REPORT 2024
JO-ANNE JULIEN
Despite global headwinds, your Trinidad and Tobago Unit Trust Corporation (UTC) has successfully charted a course of progress, ensuring that we remain a leader in financial empowerment while staying true to our mission of fostering inclusive economic growth. With every milestone reached, we have reaffirmed our responsibility as stewards of your investments, ensuring that our growth is not just measured in numbers but in the tangible, positive impact we create for individuals, businesses, and communities across the region.
GLOBAL AND REGIONAL ECONOMIC CONTEXT
The global economy in 2024 continued to face inflationary pressures, shifting monetary policies, and geopolitical uncertainties. According to the World Bank, global GDP growth is projected to stabilize at 2.6% in 2024, with a slight increase to 2.7% in 2025. While this signals modest recovery, it remains below the pre-pandemic average of 3.1%, highlighting persistent structural challenges and a slower pace of expansion across global markets. The ongoing conflicts in Eastern Europe and the Middle East and the resultant disruptions in trade routes and supply chain realignments placed further strain on economic recovery. Economic resilience will depend on policy adjustments, investment in sustainable industries, and the ability of financial institutions to navigate volatility.
Closer to home, the Latin America and Caribbean (LAC) region is projected to grow by 2.2% in 2024 and slightly improve to 2.4% in 2025, according to the Economic Commission for Latin America and the Caribbean (ECLAC). This subdued growth reflects structural economic constraints and the need for strategic investment to foster long-term resilience. In the Caribbean specifically, the Caribbean Development Bank (CDB) forecast an 8.6% growth rate across its 19 Borrowing Member Countries in 2024, fueled primarily by increased oil production in Guyana and a strong rebound in the tourism industry. However, when excluding Guyana, the regional growth estimate adjusts to 2.3%, reflecting a slight moderation from 2.5% in 2023.
These figures underscore the evolving economic landscape in which UTC operates. Additionally, the impact of climate change, fluctuating commodity prices, and external debt burdens remain pressing concerns. Despite these challenges, we remain committed to leveraging emerging opportunities, expanding our financial services, and positioning our unitholders for sustainable wealth creation. By focusing on innovation, responsible investing, and regional partnerships, we continue to navigate these economic trends with foresight and agility.
As we navigate these economic realities, UTC remains steadfast in our mission of regional financial inclusivity. In November 2024, we proudly celebrated the first anniversary of the UTC Global Balanced Fund Limited (GBFL) in St. Lucia, a testament to our commitment to providing investment opportunities beyond our borders. Expanding on this momentum, we launched GBFL in St. Vincent and the Grenadines in 2024 and look forward to introducing the fund to Grenada in March 2025. Our expansion efforts have been further strengthened by our strategic partnership with West Indies cricket icon Daren Sammy, who joined us as the official GBFL brand ambassador in August 2024. His leadership and influence across the region embody the attitudes toward financial empowerment that we seek to foster.
This year, we took a historic step forward with the launch of our inaugural Sustainability Report, outlining our commitment to environmental, social, and governance (ESG) principles. As stewards of financial well-being, we recognize our responsibility to operate ethically, mitigate climate-related investment risks, and support sustainable economic development. Our ESG roadmap includes investments in sustainable infrastructure, and responsible asset management practices. Moreover, climate resilience remains a priority, particularly as our region continues to experience the adverse effects of hurricanes and rising sea levels. UTC has intensified its efforts in planning for business resilience and ensuring our operations can withstand future eventualities.
Entrepreneurship is a key driver of economic prosperity, and in 2024, UTC deepened its support for small and medium-sized enterprises (SMEs) and high-growth entrepreneurs. We renewed our Memorandum of Understanding (MOU) with the Ministry of Trade and Industry for Scale Up TT, a key initiative that has continued to provide transformative opportunities for entrepreneurs. This renewal signified our ongoing commitment to fostering business acceleration, equipping participants with the necessary skills, networks, and resources to scale their enterprises and contribute to national economic development.
Accompanying the renewal of the MOU in June 2024, the announcement of the fourth and fifth Scale Up TT cohorts has attracted a new wave of promising entrepreneurs eager to expand their businesses. The program’s structured approach ensures that participants benefit from expert mentorship, financial guidance, and strategic networking opportunities. The onboarding of the fourth cohort in December 2024 to join a 173-strong alumni network reinforced our long-term vision of cultivating a thriving entrepreneurial ecosystem. By empowering business leaders with the tools to navigate challenges and seize opportunities, UTC remains dedicated to shaping the future of entrepreneurship in Trinidad and Tobago and beyond.
Beyond financial returns, UTC remains deeply committed to the communities we serve. Our UTC Foundation has continued to make a tangible impact in 2024, focusing on Education, Financial Well-Being, and Environmental Citizenship. Key initiatives this year included:
By leveraging our resources and working closely with community partners, we continue to foster meaningful change and social development. Learn more about our work in these areas in our Sustainability Report.
At the heart of our success is our dedicated team of professionals, whose expertise, commitment, and innovation drive UTC forward. In 2024, we welcomed to the Board Ms. Kathryn Abdulla, who was appointed as the representative of the National Insurance Board of Trinidad and Tobago (NIBTT). We also welcome the reappointments of Mr. Robert Green, Mr. Stephen Allum Poon, and Mr. Brevard Nelson and look forward to their continued insights and expertise. We acknowledge with gratitude and appreciation the service of Ms. Fe Lopez-Collymore, whose tenure on the Board came to an end this year. Her contributions have been much appreciated. We continue to invest in professional development, leadership training, and digital literacy, ensuring our team remains equipped to deliver world-class service to our unitholders.
As we look to 2025 and beyond, our commitment to sustainable growth, regional expansion, and digital transformation remains unwavering. In the face of economic shifts, we will continue to innovate, strengthen financial inclusivity, and empower our unitholders. On behalf of the Board of Directors, the UTC team, and all our partners, I extend my sincere gratitude to you, our valued unitholders. Your trust and confidence remain the foundation of our success.
Together, we will continue to navigate the future with purpose, resilience, and a shared vision of financial prosperity.
JO-ANNE JULIEN
Chairman
nigel edwards
The foundation of the Unit Trust Corporation has always been built upon trust, prudence, and a deep-seated mission to empower individuals and communities through financial security and growth. As we close the chapter on 2024, I am filled with gratitude for the confidence you have placed in us and inspired by the exciting opportunities that lie ahead. This year, our Annual Report theme – Our Future: Innovation. Sustainability. Transformation. – encapsulates our unwavering commitment to progress, creating meaningful change, and championing purposeful evolution not just for our business but for our region.
The past year has tested global markets and presented challenges that required not only resilience but also agility and foresight. Through it all, UTC has remained steadfast, navigating shifting economic landscapes with a steady hand while seizing opportunities to expand, innovate, and reinforce our commitment to you, our valued unitholders. Every decision we make is guided by our core values – integrity, respect, performance excellence, leadership, and robust corporate governance – ensuring that your financial well-being remains at the heart of all we do.
In pursuing Innovation, we have strengthened our regional presence and enhanced our digital offerings to serve an even broader base of investors. Through our continued efforts to promote economic and social Sustainability, we have deepened our role in economic development, supporting entrepreneurs, communities, and individuals in their journey toward financial independence. And with Transformation, we have continued to evolve, leveraging technology, strategic expansion, and operational excellence to position UTC as a leader in the financial sector.
I am energized by the strides we have made in 2024, not only in terms of financial performance but in the broader mission of fostering economic inclusion and development. Our journey this year has been one of strategic growth, of disciplined financial management, and of bold yet measured expansion across our region. It has been a year where we have strengthened our foundations while looking firmly towards the future, positioning ourselves for sustained success in the years to come.
NAVIGATING A COMPLEX GLOBAL ECONOMY
In 2024, the global economy experienced moderate growth, though inflationary pressures and geopolitical tensions persisted. Pressures from central bank rate adjustments, supply chain disruptions, and regional conflicts influenced investor sentiment globally, causing fluctuations in financial markets and leading to a more cautious approach by institutions and individual investors alike.
Closer to home, the Caribbean region showed strong resilience. Tourism remained a key driver of economic activity, bolstered by increased foreign direct investment and infrastructure development. This expansion was fuelled by post-pandemic travel recoveries, enhanced regional collaboration, and government-led efforts to diversify economies across the region. Despite inflationary concerns and ongoing risks posed by climate change, the Caribbean financial sector demonstrated stability, presenting viable opportunities for continued economic strengthening.
Against this backdrop, UTC remained steadfast in its commitment to financial stability and value creation, leveraging its diversified portfolio to navigate global market shifts while seizing emerging opportunities for growth. We remain mindful that financial institutions must operate with agility and forward-thinking strategies, adapting to external pressures while ensuring sustainable long-term value for all stakeholders.
Our commitment to disciplined investment, risk management, and value-driven strategies ensured that UTC maintained strong financial performance in 2024. Some of the year’s key financial highlights include:
These results reflect the continued trust our unitholders place in us and highlight the success of our risk-adjusted investment approach in delivering consistent, long-term value. This was reinforced by a sixth consecutive year of strong ratings from Caribbean Information and Credit Rating Services Limited (CariCRIS). The UTC scored Issuer/Corporate Credit Ratings of CariAA (Foreign and Local Currency) on the regional rating scale, and ttAA on the Trinidad and Tobago (T&T) national scale. In its rating release, CariCRIS noted that the stable outlook reflects the positive impact of the UTC’s technological advances on its operating efficiency, risk management practices and consistently good earnings from its investment portfolio.
UTC’s regional expansion strategy has been a critical focus for 2024. Our three Jamaican funds, launched in 2023 in a joint venture alongside GraceKennedy Limited, have all delivered a robust performance:
The first anniversary of the UTC Global Balanced Fund Limited (GBFL) in St. Lucia in November 2024 was a defining moment, showcasing the fund’s sustained performance and the overwhelming investor confidence in its long-term potential. Over the past year, GBFL has demonstrated strong performance, delivering returns of approximately 13% YTD and experiencing rapid subscription growth. This success reaffirms our belief in expanding investment accessibility across the Eastern Caribbean Currency Union (ECCU), offering financial solutions that cater to the evolving needs of regional investors
Building on this momentum, UTC expanded into St. Vincent and the Grenadines in November 2024, a move that further cements our presence in the ECCU. The reception has been positive, and we anticipate continued engagement from local investors seeking diversified portfolio options. Our launch in Grenada, in March 2025, represents another strategic step in reinforcing our role as a regional financial leader. The consistent success of these initiatives underscores our mission of financial inclusivity and accessibility across the Caribbean.
Another important development in our expansion efforts was the GBFL’s partnership with West Indies cricket icon Daren Sammy, announced in August 2024. His influence, both in sports and financial literacy advocacy, has provided UTC with a strong cultural and regional connection, amplifying our mission of financial empowerment. This collaboration is instrumental in building trust, promoting investment awareness, and engaging new investor demographics.
UTC’s regional expansion strategy has been a critical focus for 2024. Our three Jamaican funds, launched in 2023 in a joint venture alongside GraceKennedy Limited, have all delivered a robust performance:
The first anniversary of the UTC Global Balanced Fund Limited (GBFL) in St. Lucia in November 2024 was a defining moment, showcasing the fund’s sustained performance and the overwhelming investor confidence in its long-term potential. Over the past year, GBFL has demonstrated strong performance, delivering returns of approximately 13% YTD and experiencing rapid subscription growth. This success reaffirms our belief in expanding investment accessibility across the Eastern Caribbean Currency Union (ECCU), offering financial solutions that cater to the evolving needs of regional investors
Building on this momentum, UTC expanded into St. Vincent and the Grenadines in November 2024, a move that further cements our presence in the ECCU. The reception has been positive, and we anticipate continued engagement from local investors seeking diversified portfolio options. Our launch in Grenada, in March 2025, represents another strategic step in reinforcing our role as a regional financial leader. The consistent success of these initiatives underscores our mission of financial inclusivity and accessibility across the Caribbean.
Another important development in our expansion efforts was the GBFL’s partnership with West Indies cricket icon Daren Sammy, announced in August 2024. His influence, both in sports and financial literacy advocacy, has provided UTC with a strong cultural and regional connection, amplifying our mission of financial empowerment. This collaboration is instrumental in building trust, promoting investment awareness, and engaging new investor demographics.
As part of our ongoing transformation, UTC has taken significant strides in digital innovation to enhance accessibility and efficiency for our unitholders. The initial rollout of the TTUTC app marked an important milestone, streamlining transactions and providing a more seamless user experience. As we continue to refine and expand our digital offerings, we remain committed to leveraging technology to improve customer engagement and operational excellence.
Beyond digital advancements, we are embedding a deeper culture of sustainability within our organization. Our efforts to develop UTC’s inaugural Sustainability Report underscore our commitment to responsible investing and corporate citizenship. By integrating Environmental, Social, and Governance (ESG) principles into our strategic framework, we are ensuring that our growth is not only profitable but also sustainable and aligned with the evolving expectations of our stakeholders.
As we look to fiscal 2025, our focus remains on deepening our impact and expanding our reach while maintaining financial strength and operational excellence. We will continue to champion entrepreneurship by supporting innovative business ventures and fostering economic growth. Our regional expansion efforts will intensify as we consolidate the gains realized in Jamaica, St. Lucia, St. Vincent, and Grenada, while strategically expanding into additional Eastern Caribbean Currency Union (ECCU) territories. At the same time, we are committed to pushing the boundaries of innovation, particularly in technology and sustainability, ensuring that we remain at the forefront of financial services in the region.
I want to extend my deepest gratitude to our Board of Directors, Senior Leadership Team, employees, and strategic partners. Your unwavering support has been the bedrock of UTC’s success, and it is because of you that we can confidently pursue our vision of financial excellence and regional leadership. Special recognition goes out to Dearl Bain, who was confirmed in his appointment as Chief Risk Officer in April 2024, and continues to bring valuable experience and balanced insight to the Corporation.
To you, our unitholders, I say – you are not just investors; you are our partners in a shared vision for prosperity and opportunity. I want to assure you that UTC does not take this trust lightly. We understand the responsibility that comes with managing your financial aspirations, and we remain committed to safeguarding your investments while ensuring that they work harder and smarter for you. It is with this clarity of purpose that we move forward, confident in our ability to create value, deliver consistent returns, and chart new pathways to growth.
Together, we will build an even stronger and more prosperous future.
nigel edwards
Executive Director