NAIROBI, Kenya, Sep 17 – Centum Investment Company Limited has acquired a 73.35 percent stake in asset manager, Genesis Kenya Investment Management Limited subject to regulatory approvals and other closing conditions.
Genesis currently manages a fund of over Sh100 billion for both Kenyan and international clients and is licensed both in Kenya and Uganda.
The firm is a registered fund and asset manager with over 15 years experience in the Kenyan market.
The acquisition is set to boost the management of third party funds by the investment holding company.
Centum also intends to launch new products through Genesis in order to offer its clients more diverse investment opportunities.
Centum also seeks to provide its investors with access to a portfolio of otherwise inaccessible and diversified investments through its private equity, real estate and infrastructure and quoted investment business lines.
Centum Asset Managers Limited acquired a fund manager’s license in April 2013 and has Sh6 billion in assets under management.
The two entities will continue to operate separately.