NAIROBI, Kenya, May 20 – The number of fund managers in Kenya has reached 45 after the Capital Markets Authority (CMA) approved two new entities.
They include Meridian Asset Management Limited and Swala Capital Limited.
Moreover, the regulator has okayed several other special funds under unit trust schemes.
CMA attributes new registrations to a growing demand for professional wealth and asset management services in the country.
“The Authority has also approved Ndovu Wealth Limited to establish two special funds to be known as Kibaba Special Multi-Asset Fund (KES) and Kibaba Special Multi-Asset Fund (USD), as part of the approved Taifa Unit Trust umbrella fund,” CMA said in a statement.
This comes on the back of asset losses incurred by the fund manager in 2023.
For the full year ending December last year, for instance, ICEA Unit Trust posted a net income of Sh210.7 million, an improvement from a loss of Sh77 million during a similar period in the preceding year.
Likewise, CPF Asset Managers recorded a profit after tax of Sh19.1 million from a loss of Sh10.4 million.
Cumulatively, fund managers held Sh389.2 billion in assets last year, up from Sh215.1 billion in 2023.
“We have seen the Assets Under Management (AUM) for Collective Investment Schemes (CISs) surpass Ksh. 400 billion, which is a significant milestone,” CMA Chief Executive Officer Wyckliffe Shamiah said.
“It underscores the increasing confidence by investors in the capital markets and the importance of fund managers in driving financial inclusion and capital formation.”
