The National Social Security Fund (NSSF) has dropped Old Mutual Asset Managers, Sanlam Investment East Africa, and CIC Asset Management from its list of external fund managers, denying the firms millions of shillings in fees.
The three fund managers, who held a combined Sh136 billion on behalf of the fund as of June 2024, have been dropped after reportedly failing to meet technical requirements during NSSF’s last round of procurement for the provision of investment management services.
