Markets & Finance

SIB director Kihumba to chair new body for financial, investment analysts

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Mr Job Kihumba, the Icifa chairperson. PHOTO | DIANA NGILA

Standard Investment Bank (SIB) executive Job Kihumba is now the chairman of the new body set up to regulate the activities of financial and investment analysts in Kenya.

Mr Kihumba, who previously served as chief executive of the Nairobi Securities Exchange (NSE), was Thursday elected to chair the Institute of Certified Investment and Financial Analysts (Icifa).

The regulator is provided for in the Investment and Financial Analysts Act (2015) – which came into operation on December 8, 2015 – and requires all in the profession to apply for a practising certificate.

The incoming chairman said he will convene a council meeting next week to set up a registration team which will be tasked with vetting applicants and issue annual licences to those working as securities, research and equity analysts, portfolio managers or investment advisers.

“We are yet to fix the licensing fee. I will call a meeting next week to set up the registration committee to start work,” said Mr Kihumba after the body’s inaugural annual general meeting.

Mr Kihumba succeeds George Wakah, who served as chairman for a period of two years.

Those elected to serve in Icifa’s 11-member council at the meeting include Dyer & Blair Investment Bank executive Leah Nyambura, Michael Odiembo, Kenya Pipeline Company pension manager Jonah Aiyabei, Catherine Theuri and university lecturer Duncan Elly Ochieng.

Other members representing agencies include Pius Nduatih (Kenya Accountants and Secretaries National Examinations Board), Geoffrey Odundo (Nairobi Securities Exchange), and Edwin Njamura (Capital Markets Authority).

National Treasury secretary Henry Rotich is yet to appoint a member to represent him in the team.

Mr Kihumba was NSE chief executive between 1991 and 1999 and joined the James Wangunyu’s SIB in 2005. He remains its executive director and head of corporate finance to date.