Equity Group Insurance Holdings Limited (EGIHL) has appointed seasoned financial services executive Richard Patrick Byarugaba as the Managing Director – Asset Management, as the Group moves to establish and expand its footprint in the investment and wealth management business.
According to highly placed sources, Byarugaba officially assumed the role at the beginning of March 2026, marking his return to executive management after a 3-year break from active leadership roles.
The appointment comes as Equity Group Insurance launches Equity Asset Management, a new subsidiary company that will focus on investment and wealth management solutions, including unit trusts, money market funds and other professionally managed investment products targeting both individual and institutional investors.
Byarugaba, who most recently served as Chairman of Old Mutual Investment Group Uganda before stepping down following his appointment at Equity Asset Management, brings more than three decades of regional leadership experience spanning banking, investments, pensions, insurance, and corporate transformation.
A Transformational Financial Services Leader
He is best known for his stewardship of the National Social Security Fund (NSSF) Uganda, where assets under management grew from approximately USD 600 million to USD 4.7 billion during his tenure, representing an almost eightfold expansion driven by digital transformation, operational efficiency, governance reforms, and a renewed focus on member value creation.
He also played a key role in steering the NSSF Amendment Bill, which extended pension coverage to more than 10 million Ugandan workers, broadening access to retirement savings and reshaping Uganda’s social protection landscape.
Before joining Equity Group Insurance, Byarugaba had in August 2025 been appointed Chairman of Old Mutual Investment Group Uganda. However, he later resigned from the board due to a conflict of interest arising from Equity Asset Management’s entry into the same investment and wealth management space.
Just before taking on the role of Chairman of Old Mutual Investment Group Uganda, Byarugaba served as Chairperson of the Uganda Securities Exchange Board, further cementing his reputation as one of the region’s most experienced financial sector leaders.
Industry observers view his appointment as a significant strategic move by Equity Group Insurance, signalling the Group’s ambition to become a serious player in East Africa’s growing asset and wealth management industry.
Widely regarded as a transformational leader with deep expertise in organisational redesign, investment portfolio optimisation, and financial sector growth, Byarugaba has held several senior leadership positions across Uganda’s financial services sector.
He began his career as a Banking Officer at Standard Chartered Uganda before rising through the ranks to Executive Director – Finance. He was later transferred to Standard Chartered Bank’s international headquarters in London, where he served as Regional Finance Manager, overseeing the African region.
He later joined Nile Bank Limited as Managing Director, where he successfully turned around the institution from a struggling three-branch bank into one of Uganda’s leading indigenous retail banking brands.
Byarugaba subsequently became Chief Executive Officer of Global Trust Bank Uganda, leading the establishment and launch of the bank in the Ugandan market following its acquisition of Commercial Microfinance Limited.
Other leadership roles he has held over the years include President of Citi Life Health East Africa, Chief Executive Officer and Executive Chairman of Vodafone Uganda, and Chief Operating Officer at Barclays Bank.
He holds a Master of Business Administration (MBA) from Edinburgh Business School at Heriot-Watt University, a Postgraduate Diploma in Management from Henley Management College in London, and a Bachelor of Science degree in Statistics and Economics from Makerere University.
He is also a Chartered Public Accountant (CPA) in Uganda and a Fellow of the Association of Chartered Certified Accountants (FCCA) in the United Kingdom.
Equity’s Big Wealth Management Bet
Equity Group Insurance Holdings Limited (EGIHL) is a subsidiary of Equity Group Holdings Plc, incorporated in 2021. The company consolidates the Group’s insurance businesses to provide innovative, accessible, and affordable risk and savings solutions that protect lives, health, and wealth.
Through its subsidiaries — Equity Life Assurance (Kenya) Limited, Equity General Insurance (Kenya) Limited, and Equity Health Insurance (Kenya) Limited — all licensed and regulated by the Insurance Regulatory Authority, Equity Insurance offers comprehensive life, health, pensions, and general insurance solutions.
The Group is now deepening its presence in the investment and wealth management sector through the establishment of Equity Asset Management, a new subsidiary expected to offer investment solutions such as unit trusts, money market funds, institutional portfolio management, and other professionally managed investment products.
Industry analysts say Equity Group Insurance’s decision to tap Byarugaba — the man widely credited for transforming Uganda’s National Social Security Fund (NSSF) into East Africa’s largest non-banking financial services institution — signals the Group’s serious ambitions within the region’s increasingly competitive asset and wealth management industry.
The East African asset management space is currently dominated by established regional players such as UAP Old Mutual Investment Group, Sanlam Investments East Africa, Britam Asset Managers, GenAfrica Asset Managers, ICEA LION Asset Management, and Stanbic-linked SBG Securities Uganda. These firms oversee billions of shillings in pension funds, unit trusts, institutional portfolios, and high-net-worth investments across Kenya, Uganda, and Tanzania.
Byarugaba’s appointment therefore, positions Equity Asset Management to enter the market with significant leadership credibility, institutional investment experience, and a proven track record in managing large-scale funds, governance reforms, and long-term wealth creation.
As part of Equity Group Holdings Plc, a leading Pan-African financial services group with operations in Kenya, Uganda, Rwanda, Tanzania, South Sudan, the Democratic Republic of Congo, and a representative office in Ethiopia, EGIHL leverages the Group’s regional footprint, digital capabilities, and customer-centred strategy to drive financial inclusion and long-term wealth creation across Africa.
