Unit Trust Industry aims to transform saving habits
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Ms. Christine Dias Bandaranaike
The Unit Trust Association of Sri Lanka (UTASL) has ushered in a new era with the appointment of its 2025 leadership team, headed by veteran finance professional Christine Dias Bandaranaike of JB Financials Pvt Ltd as President.
This leadership transition comes at a time of tremendous growth for the industry, with unit holder numbers surging 119 per cent from 52,402 in 2020 to 114,898 in 2024, while assets under management have increased 172 per cent to reach Rs. 547 billion during the same period, the association said in a media release.
The newly elected team includes industry figures such as Kavin Karunamoorthy of First Capital Asset Management as Vice President, Jeevan Sukumaran of Senfin Asset Management as Secretary, and Asanka Herath of Lynear Wealth Management as Treasurer. Sri Lanka’s unit trust sector has shown remarkable resilience and expansion over the past five years (since 2020).
Ms. Bandaranaike, whose career spans nearly three decades in capital markets and fund management, explained this growth trajectory: “We’re witnessing a fundamental shift in Sri Lanka’s financial behaviour. The pandemic accelerated digital adoption, with online platforms making unit trusts more accessible than ever. Meanwhile, younger investors – particularly millennials and Gen Z – are driving demand as they seek alternatives to traditional savings that can’t keep pace with inflation rates.”
Sri Lanka’s harsh economic realities have created a demand to move beyond conventional savings accounts and fixed deposits. “For generations, Sri Lankans trusted savings accounts as the safest option,” notes Ms. Bandaranaike. “But when inflation consistently outpaced interest rates, these traditional methods quietly eroded purchasing power. The money might be safe in the bank, but its real value is disappearing fast. This is known as benign neglect. We are championing a vibrant and inclusive unit trust industry in Sri Lanka by advocating for investor protection, promoting financial literacy, fostering innovation, and ensuring regulatory excellence by empowering individuals and institutions to achieve long-term financial well-being through trusted collective investment solutions.”
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