The Capital Markets Authority (CMA) has issued a license to Lagos-based CFS Asset Management Limited, to operate as a fund manager in Kenya, pushing up competition in Kenya’s crowded and highly competitive asset management business.
CFS Asset Management Limited is a subsidiary of pan-African financial and investment company, Cititrust Holdings Plc- an Investment Holdings Company based in Lagos, Nigeria with interests in Commercial Banking, Mortgage Banking, Stockbroking, Health Insurance, Insurance Brokerage, Asset Management, Microfinance Banking, Bureau de Change and Issuing House, with a presence in 13 African Countries.
Latest data from Capital Markets Authority (CMA), Q3, 2020 shows that fund managers in Kenya have a net asset base of KSh 4.7 Billion, compared to stockbrokers (KSh 940 Million), Investment Banks (KSh 8.2 Billion, Investment Advisors (KSh 1.96 Billion) and non-dealing online forex brokers (KSh 237 Million). Net Assets Under Management (AUM) as at 31st August 2020 stood at KSh 16 Billion.
CMA has so far licensed a total of 24 fund managers.
Michael Monari, Chairman of CFS Asset Management Limited, assured potential investors in Kenya of great values and superior returns on their investments.
Group Chief Executive of Cititrust Holdings Plc, Yemi Adefisan, said this development marks another milestone in the quest by Citittrust Group to become a key driver in wealth creation and value-driven asset management in Africa.
He said CFS Asset Management will deliver world-class financial products and services to discerning investors in Kenya.
ALSO READ:
Absa Asset Management Gets Greenlight to Register Unit Trust Funds
