Three Fund Managers Get Nod from Regulator to Operate in Kenya

The Capital Markets Authority (CMA) has licensed three fund managers, bringing the number to 29.

African Alliance Kenya Asset Managers Limited, CPF Financial Services Limited, and Kuza Asset Managers Limited will operate as fund managers in the capital markets.

As fund managers, the three companies will be advisers who manage client security portfolios more than an amount prescribed by the regulator from time to time.

Until this appointment, Africa Alliance Kenya Asset Managers Limited had been operating as a licensed investment bank providing local and on-the-ground investment banking services across the continent.

"The investment bank notified the Authority of its intention to cease operation of their Investment Bank activities, and we accepted the request for revocation of its Investment Bank licence," said Wyckliffe Shamiah, CMA's chief executive officer.

"While issuing the approval, the Authority noted that it had revoked the licence of African Alliance Kenya Investment Bank to operate as a licensed investment bank," said Mr Shamiah.