Unit Trust Association of Sri Lanka appoints new Board

Friday, 13 March 2026 00:05 - - {{hitsCtrl.values.hits}}

The Unit Trust Association of Sri Lanka (UTASL) announced its new Board of Directors, appointing Jeevan Sukumaran of SENFIN Asset Management as President.

The Board assumes leadership at a time of significant growth and resilience in Sri Lanka’s Unit Trust industry. Over the past five years, the number of unit holders has more than doubled, while assets under management have grown substantially, reflecting a clear shift in investor behaviour amid evolving economic conditions.

The 2026–2027 Board includes Vice President Kavin Karunamoorthy (First Capital Wealth Management), Secretary Asanka Herath (Lynear Wealth Management), Assistant Secretary Gayan De Silva (Capital Alliance), and Treasurer Wishan Perera (Softlogic Invest).

President Jeevan Sukumaran highlighted the importance of expanding the industry’s reach and increasing retail participation nationwide. “Whilst the Unit Trust industry has grown significantly in recent years, the next phase must focus on broadening retail investor participation across Sri Lanka’s different geographic/demographic sectors, with the key priority being strengthening investor education and awareness, particularly outside major urban centres. Improving financial literacy and expanding access to professionally managed investment solutions are essential to building long-term confidence and encouraging more Sri Lankans to invest in unit trusts,” he said.

The new Board intends to build on the industry’s recent momentum by prioritising investor education, digital accessibility, and product innovation. Over the coming years, enhanced digital platforms are expected to make Unit Trust products more accessible, enabling investors across the country to participate in capital markets in a convenient and transparent manner.

As part of its mandate, the new Board also places significant priority in providing clarity and transparency regarding the tax treatment of unit trust investments in the hands of the unit holder.

Sukumaran added: “It is also important to broaden the industry’s product base through innovations such as Index funds, Exchange-traded funds (ETFs), and Islamic or Shariah-compliant funds. These products can better address the diverse needs of Sri Lankan investors by offering greater choice, flexibility, and alignment with varying risk profiles and financial goals.”

Under the oversight of the Securities and Exchange Commission of Sri Lanka (SEC), the Unit Trust sector has seen strengthened governance standards, enhanced transparency, and reinforced investor protection frameworks. This regulatory foundation, combined with increasing public awareness of inflation risks and the limitations of traditional fixed-income returns, has helped position Unit Trusts as an increasingly important vehicle for long-term wealth creation.

As Sri Lanka gradually transitions from a traditionally savings-focused economy toward a more investment-aware society, the Unit Trust Association’s new leadership aims to ensure that the industry’s growth remains inclusive, well-regulated, and aligned with the country’s broader financial development objectives.