The value of assets held in Kenyan mutual fund schemes increased by 15% in the second quarter of 2020 to KSh 88.1 billion from KSh 76.5 billion at the end of the first quarter according to a report by the capital markets regulator (CMA).
Fund managers chose to invest in relatively safe asset classes with 43.4% of funds invested in government securities. 35.2% of funds went into fixed deposits and only 7.85% of the funds were put in NSE listed securities.
The investment schemes put a paltry 0.72% of the assets in offshore investments and only 0.48% of the funds in immovable property.
CIC Asset Management company topped the list of fund managers with the largest assets under management at KSh36.3 billion. Britam and ICEA came in second and third position with KSh 10.4 billion and KSh 9.8 billion assets under management respectively.
Out of the 20 mutual fund schemes registered in Kenya, 16 posted remarkable growth in their fund size in the quarter that ended on 30th June 2020. Coop Unit Trust Scheme had the biggest growth jumping from Ksh 10.8 million to KSh 1.16 billion in just three months.
Nonetheless, Amana Unit Trust, Equity Investment Bank, Old Mutual Unit Trust, and Stanlib Unit Trust Scheme recorded a decline in the size of assets under management.
