Capital Markets

Mauritius wealth firm VFS shut local arm after buying Aylesfield

CMA chief executive Paul Muthaura. FILE PHOTO | NMG
CMA chief executive Paul Muthaura. FILE PHOTO | NMG 

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.”