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UTC Chairman calls on government to modernise the Unit Trust Act by joel.julien@guardian.co.tt It is time to mod­ernise the Unit Trust Act, chair­man of the Unit Trust Cor­po­ra­tion Prof Ger­ry Brooks has said. Brooks made the state­ment as the UTC held its vir­tu­al An­nu­al Gen­er­al Meet­ing yes­ter­day. “Four decades have elapsed since the orig­i­nal Unit Cor­po­ra­tion Act (UTC) was en­act­ed in 1982, when the mu­tu­al fund in­dus­try was in its nascent stages and the UTC was the on­ly play­er. Since then, fi­nan­cial mar­kets have un­der­gone pro­found trans­for­ma­tion. Y2K and the tech­nol­o­gy rev­o­lu­tion have fa­cil­i­tat­ed a to­tal shift in cus­tomer and mar­ket ex­pec­ta­tions. The pan­dem­ic has re­shaped the world, re­set­ting pri­or­i­ties, cre­at­ing seis­mic shifts in eco­nom­ic pol­i­cy, in­vest­ment, and mar­ket ar­chi­tec­ture,” Brooks said.

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