, NAIROBI, Kenya, Dec 9 – Pan Africa Asset Management (PAAM) has received approval by the Capital Markets Authority (CMA) to register the Pan Africa Unit Trust Scheme as a Collective Investment Scheme in accordance with section 30 of the Capital Markets Act and Part II of the Capital Markets (Collective Investment Schemes) Regulations, 2001.
The approval of the unit trust paves way for PAAM to begin distributing unit trusts to the market.
The company is offering to the market initially, three unit trust products – a money market fund, a dividend fund and balanced fund that shall retail under the names Pan Africa Pesa+, Pan Africa Pata+ and Pan Africa Chama+ respectively.
The prices for the products shall commence from Sh1 for the Pan Africa Pesa+ fund and Sh10 each for the Pan Africa Pata+ fund and Pan Africa Chama+ fund.
These unit funds go on sale immediately.
“Pan Africa Asset Management is committed to delivering to our customers, solutions that add value and make sense to them. We therefore believe the market will respond positively to our value proposition and expect that our unit trusts will be an additional solution to the variety of innovative solutions that we offer our valued customers to grow and protect their wealth,” said PAAM Chief Executive Kennedy Muriithi.
Muriithi said all the three funds are designed to accommodate a majority of the public with a minimum initial contribution of Sh2, 500.
The unit funds will also allow partial or full withdrawal any time.
“With a minimum investment of Sh2, 500 contributions, this scheme is ideal for everybody looking to save a part of their income for discretionary purposes, or for long term capital accumulation intentions, while simultaneously earning what we believe will be a competitive return. Our investment expertise across different asset classes will ensure our customers have exposure to a variety of investments,” he noted.