Richard Patrick Byarugaba Appointed as New Board Chairman of Old Mutual Investment Group
A graduate with a BSc in Statistics and Economics and an MBA, Byarugaba’s career has been defined by a unique ability to deliver institutional growth through strategic innovation and operational excellence. His appointment is expected to bring renewed vision and expertise to Old Mutual’s mission of building a strong, sustainable financial ecosystem across the region. Byarugaba’s most notable leadership achievement came during his tenure as Managing Director of Uganda’s National Social Security Fund (NSSF), where he oversaw a period of unprecedented growth. Under his stewardship, the Fund’s assets under management surged from USD 600 million to USD 4.7 billion.
Old Mutual Investment Group has officially announced the appointment of Richard Patrick Byarugaba as its new Board Chairman, marking a significant leadership milestone for the financial services provider. With over three decades of experience in banking, social security, and investment management across East Africa, Byarugaba is widely regarded as a transformational leader who drives growth while keeping people at the center of change.
A graduate with a BSc in Statistics and Economics and an MBA, Byarugaba’s career has been defined by a unique ability to deliver institutional growth through strategic innovation and operational excellence. His appointment is expected to bring renewed vision and expertise to Old Mutual’s mission of building a strong, sustainable financial ecosystem across the region.
Byarugaba’s most notable leadership achievement came during his tenure as Managing Director of Uganda’s National Social Security Fund (NSSF), where he oversaw a period of unprecedented growth. Under his stewardship, the Fund’s assets under management surged from USD 600 million to USD 4.7 billion. He championed digital transformation, enhanced operational efficiency, and maintained a strong commitment to NSSF’s core mission — empowering workers to achieve financial security. Notably, his leadership saw the passing of the NSSF Amendment Bill, expanding pension coverage to over 10 million Ugandan workers and significantly advancing the country’s social protection agenda.
His financial acumen is complemented by deep expertise in investment governance and risk management. Byarugaba is a Fellow of the Association of Chartered Certified Accountants (FCCA), a Chartered Public Accountant (CPA) in Uganda, and an active participant in the Chartered Financial Analyst (CFA) program, currently at Level III candidacy. His skill set spans best practices in investment analysis, portfolio management, and organizational leadership.
Beyond his professional qualifications, Byarugaba has held leadership roles in various governance boards, offering strategic oversight and stewardship in multiple sectors across the region. He is known for fostering collaboration, driving high-quality decision-making, and ensuring ethical leadership in complex environments.
As he assumes his new role, Byarugaba is expected to leverage his proven track record to steer Old Mutual Investment Group toward sustainable growth, resilience, and expanded impact. His appointment signals the company’s commitment to both robust financial performance and community empowerment across Africa.
“We look forward to building a future of financial well-being and resilience for the communities we serve,” the company stated, expressing confidence in Byarugaba’s leadership to navigate the evolving investment landscape.
