Market News

Wealth firm VFS shuts its Nairobi office

CMA boss Paul Muthaura. PHOTO | SALATON NJAU | NMG
CMA boss Paul Muthaura. PHOTO | SALATON NJAU | NMG 

The Capital Markets Authority (CMA) has given clients of investment and wealth management advisor VFS International Kenya 45 days from December 29 to clear any outstanding issues after the Mauritian-headquartered firm applied to terminate local operations.

The regulator says in the latest gazette notice that it has accepted the company’s application for cancellation of licence.

“It is notified for general information that the licencee …has notified the Capital Markets Authority of intention to cease operation of the licensed activities and the Authority has accepted the request for revocation of licence,” CMA chief executive Paul Muthaura says in the notice.

VFS International, which has been operating in Kenya for more than 10 years, largely provides private wealth management and financial advisory services to corporate and retail investors.

Its departure will leave the market will 13 players.

“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, within forty five (45) days from the date of publication of this notice,” Mr Muthaura said.

The CMA has also renewed investment banking licence for Sterling Capital and approved Seriani Asset Managers application to diversify into unit trusts on October 30.

Sterling Capital is among 14 investment banks as at September 30 whose licences are renewed annually after meet conditions, including maintaining at least Sh250 million share capital.

Seriani has been licensed to run a money market fund, balanced fund and equity fund but Chairman Ken Ndura said last month the company has also set sights on pension fund and management, financial, wealth and estate planning.