VFS International of Mauritius decided to shut its local subsidiary after acquiring Aylesfield Kenya on reorganisation at the group level, the regulator has said.
The investment and wealth management advisory arm, through Aylesfield, consequently applied to the Capital Markets Authority (CMA) for a new licence, which was approved on July 18 last year.
“Through a letter dated August 1, 2017, VFS (K) Ltd subsequently requested for revocation of its licence and provided relevant undertakings with regard to the coverage of any liabilities as highlighted in the notice published in the Kenya Gazette on December, 29,” CMA said in a statement.
“In this regard, the revocation of the VFS (K) Ltd licence would need to be considered in connection with the grant of licence to Aylesfield (K) Ltd in connection with a wider group reorganisation.”
The CMA has given the clients of VFS International Kenya 45 days from December 29 to clear any outstanding issues pending its shutdown.
“Notice is given to the members of the public to raise any unresolved and outstanding issues (if any) with the company and also notify the Authority on the same,” CMA chief executive Paul Muthaura said in the notice.
The licensing of Aylesfield means the number of firms offering wealth management and financial advisory services to corporate and retail investors remains 14.