By the end of March, CIC’s unit trust scheme had Sh13.49 billion in funds under management, accounting for 24.2 per cent of the industry total of Sh55.8 billion.
Britam’s unit trust scheme follows with a market share of 18.7 per cent, ahead of Old Mutual at 14.49 per cent and ICEA at 9.95 per cent.
CIC recorded the biggest jump in market share between December and March.
CIC Insurance #ticker:CIC has firmed up its top unit trust market-share position, accounting for nearly a quarter of industry assets under management, fresh data from the Capital Markets Authority (CMA) shows.
The CMA data contained in second quarter to June bulletin shows that by the end of March, CIC’s unit trust scheme had Sh13.49 billion in funds under management, accounting for 24.2 per cent of the industry total of Sh55.8 billion.
Britam’s #ticker:BRIT unit trust scheme follows with a market share of 18.7 per cent, ahead of Old Mutual at 14.49 per cent and ICEA at 9.95 per cent.
The CMA only began releasing market share data for collective investment schemes at the end of March, revealing that the top four firms hold two thirds of the total market share.
CIC recorded the biggest jump in market share between December and March, growing its pie by 1.14 percentage points.
The CIC asset management unit announced its half-year financial results last week, recording a threefold increase in profit before tax to Sh33.9 million.
Sanlam #ticker:PAFR unit trust added 0.85 percentage points to its market share to hit 5.68 per cent, while ICEA added 0.27 percentage points.
On the other hand, Equity Investment Bank’s #ticker:EQTY unit trust shed a percentage point in market share to settle at 4.26 per cent, with Britam’s also falling by a similar margin.
The bulk of assets in the industry fall under money market funds, which account for 77.6 per cent of total assets under management.
Equity funds account for 11.8 per cent, balanced funds 6.9 per cent, bond funds 2.7 per cent while others classes, which include dividend funds, East Africa funds and Shariah compliant funds account for less than one per cent each.
There were 17 collective investment schemes in the first quarter with the smallest, Standard Investment Trust Fund, listed as accounting for under zero per cent. Dry Associates and Apollo are listed at less than one per cent.
Money market fund managers invest primarily in short-term government securities, which have offered stable rates this year amid uncertainty over the direction of alternative investments such as equities and property.
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