CMA grants fund manager’s license to Cytonn Asset Managers Limited
Nairobi, 22 March, 2018…The Capital Markets Authority (CMA) has granted a fund manager’s license to Cytonn Asset Managers Limited, bringing the number of licensed fund managers in Kenya to 27 with indicative total assets under management of Kshs. 1.13 Trillion as at December 31, 2017
Cytonn Asset Managers Limited was incorporated in August 2016 and is a subsidiary of Cytonn Investments Management Plc. The licensing of Cytonn Asset Managers Limited is the first step in the move by the holding company towards bringing certain activities of Cytonn Investments Management Plc within the Authority’s regulatory ambit. This follows Cytonn Investments Management Plc’s commitment to provide requisite disclosures and take steps to reorganize its business lines. The Authority will continue to work with the Group to facilitate effective supervision of relevant activities of the company.
A fund manager is a manager of a collective investment scheme (such as a unit trust), registered venture capital company or an investment adviser who manages a portfolio of securities in excess of an amount prescribed by the Authority from time to time.
BACKROUND INFORMATION ON THE CAPITAL MARKETS AUTHORITY
The Capital Markets Authority (CMA) was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A. It is charged with the prime responsibility of both regulating and developing an orderly, fair and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence.