DAR ES SALAAM, March 26 -- THE Ziada Fund closed 38 per cent above target, underscoring strong investor demand for unit trusts and signalling growing confidence in evolving collective investment market.

Africa Pension Fund (APeF), the fund manager, said the offer drew applications worth 13.86bn/-, surpassing the planned 10bn/- target after attracting 1,578 investors during the subscription window that ran from January to mid this month.

APeF Chief Executive Officer Mfaume Kimario said yesterday the oversubscription points to increasing confidence in collective investment schemes, particularly those offering insurance-linked features that blend savings and protection.

“The result reflects a gradual shift by Tanzanian investors awa...