Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

Kenya

Cytonn acquires local fund management company

Its offering includes a Money Market Fund, a Balanced Fund and an Equity Fund/FILE

NAIROBI, Kenya, May 14 – Cytonn Asset Managers Limited has entered into a conditional agreement to acquire all the issued shares of local fund management company Seriani Asset Managers.

Cytonn’s Principal Officer Maurice Oduor says the acquisition is meant to accelerate Cytonn’s entry into the regulated investments products market where Seriani already has three registered Collective Investments Schemes.

Its offering includes a Money Market Fund, a Balanced Fund and an Equity Fund.

“Our aim is to deliver to our clients above market average superior risk-adjusted returns, through allocation to alternative markets, which has historically shown the capacity to deliver attractive investment returns,” Oduor says.

The acquisition is however subject to various conditions including regulatory approvals from the Competition Authority and the Capital Markets Authority of Kenya.

Data by the Capital Markets Authority reveals that by March 2017, money market funds were the largest asset category in the country, accounting for 77.61 per cent of the total assets under management.

Equity funds were the second most common category with a share of 11.84 per cent at Sh6.6 billion, Balanced Funds 6.94 per cent Sh3.87 billion, while Fixed Income/Bond Fund accounted for 2.65 per cent at Sh1.5 billion.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...