The Capital Markets Authority (CMA) has granted a fund manager’s licence to African Diaspora Asset Managers Limited, which targets Kenyan and other African clients in the diaspora.
The fund manager will offer financial products and services in asset management, unit trusts, financial investment management, financial planning, wealth management, discretionary portfolio management, property development and private equity.
"Some products offered by fund managers, for instance collective investment schemes, are important because they provide an opportunity for small investors to have access to professionally managed, diversified portfolios of assets,” said CMA acting Chief executive Wycliffe Shamiah in a statement.
African Diaspora Asset Managers Limited Chief executive Runyah Lewa said that his firm is interested in collective investment schemes that will initially comprise of five funds, subject to the CMA’s consent and subsequent registration.
The proposed schemes are ADAM Money Market Fund, ADAM Fixed Income Fund, ADAM Equities Fund, ADAM Property Fund and ADAM Business Growth Fund.
He said the latter will be a private equity fund specifically seeking to provide debt and equity capital for SMEs in Kenya and Africa.
The approval brings the total number of licenced fund managers in Kenya to 25.