United Capital Eyes Regional Dominance with New Subsidiary Targeting Mutual Funds

United Capital Plc is set to roll out at least five mutual funds through its newly launched subsidiary, United Capital Asset Management West Africa Limited (UCAMWAL), by the end of 2025. This was disclosed by the Group CEO, Peter Ashade, during the company’s investor and analyst call held virtually on August 6, where the firm reviewed its half-year performance and provided outlook for the rest of the year.

Ashade stated that the new business is expected to begin contributing to the group’s profit within six to twelve months, citing the rapid profitability of other subsidiaries as a precedent. He revealed that UCAMWAL, which launched in June 2025, already manages two mutual funds across eight West African countries and plans to increase the offering to five before the year ends.

According to Ashade, “We could end this year with no fewer than five different mutual funds. We are confident about the impact of this West African subsidiary.”

United Capital Asset Management West Africa Limited provides asset management services across eight countries in the West African Economic and Monetary Union (WAEMU): Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo. At the launch, the firm introduced two CFA franc-denominated mutual funds, accessible across the WAEMU region.

Speaking on the firm’s broader strategic intent, Ashade noted, “We have a very audacious goal when it comes to African integration and expansion. We also have our eyes set beyond the continent, as the world is now a global village.” He emphasized the Group’s strong and consistent financial performance as a solid foundation for this planned expansion.

United Capital Plc reported a Profit Before Tax of N7.06 billion for Q2 2025, marking a 42.24 percent increase year-on-year. For the first half of the year, Profit Before Tax rose to N13.79 billion, up 52 percent compared to N9.1 billion in H1 2024. Gross earnings for Q2 reached N10.63 billion, up 18.33 percent year-on-year, while total gross earnings for H1 2025 climbed to N23.76 billion—surpassing 50 percent of the Group’s full-year revenue in 2024.

Despite a decline in total assets to N1.5 trillion from N1.7 trillion in December 2024, shareholders’ equity rose by 25 percent within six months to N166.91 billion, driven by a 7 percent growth in retained earnings and a 36 percent increase in the fair value reserve, reflecting better asset valuations and strong earnings retention.