Former NSSF MD Richard Byarugaba joins Equity Group

Richard Byarugaba has joined Equity Group Insurance to lead its new asset management subsidiary as the company expands into wealth management services.

Equity Group Insurance Holdings Limited (EGIHL) has appointed veteran financial executive Richard Patrick Byarugaba as Managing Director for its new asset management business, according to CEO East Africa.

Byarugaba reportedly took up the role at the beginning of March 2026 as Equity Group Insurance expanded into investment and wealth management services through a new subsidiary, Equity Asset Management.

The company plans to offer products such as unit trusts, money market funds and institutional investment portfolios as it seeks a share of East Africa’s growing wealth management market.

Byarugaba returns to executive leadership after a three-year break. He recently served as chairman of Old Mutual Investment Group Uganda but stepped down after Equity entered the same market segment.

He is widely known for leading Uganda’s National Social Security Fund (NSSF), where assets reportedly grew from about $600 million to $4.7 billion during his tenure. He also helped steer reforms that expanded pension coverage to millions of Ugandan workers.

Over the years, Byarugaba has held senior positions in banking, insurance and telecommunications. He previously worked at Standard Chartered Bank Uganda before moving to the bank’s London office as Regional Finance Manager for Africa. He also served as Managing Director of Nile Bank and later led Global Trust Bank Uganda.

His other roles include chairman of the Uganda Securities Exchange Board, chief executive officer of Vodafone Uganda and president of Citi Life Health East Africa.

Industry analysts say the appointment signals Equity Group’s intention to compete with established regional asset managers such as Old Mutual, Sanlam, Britam and ICEA LION.

EGIHL, a subsidiary of Equity Group Holdings Plc, operates across several African markets including Uganda, Kenya, Rwanda, Tanzania, South Sudan and the Democratic Republic of Congo.