“We are thrilled to have obtained the Retirement Benefits Manager licence, which underscores our commitment to providing comprehensive financial solutions. We are now in a better position to diversify our services and meet the evolving needs of our clients, especially in the crucial area of retirement planning,” said SIB Founder and Managing Director James Wangunyu.
The investment bank has earned its third license after two previous nods; an investment management license in 2003 and a money management license in 2003, both from the Capital Markets Authority (CMA) with the latter approval allowing SIB to set up the Mansa-X Fund, a multi-asset strategy fund.
SIB offers a single point of entry for investment banking, security trading and investment management.
The investment bank was founded in 1995 and was first in the equity trading business before graduating into corporate finance in 2005 after which it obtained a unit trust scheme license in 2007.
SIB is expected to join 27 other players who have been licensed as fund managers in the industry with over Sh1.5 trillion in assets under management.
The industry has 45 registered individual pension plans and 1075 registered pension schemes.
Other licensed managers in the retirement benefits industry include African Alliance Kenya Investment Bank Kenya, Dyer & Blair Investment Bank Limited and Zimele Asset Management Company Limited.
Pension managers hold the bulk of the industry’s assets under management with the balance being held by issuers.
