Cytonn Asset Managers Limited (CAML) today announced that it has been registered and authorized by the Retirement Benefits Authority (RBA) to manage retirement benefit schemes.
This comes a few months after the Capital Markets Authority (CMA) licensed CAML in March 2018. Cytonn Asset Manager now have all the necessary licenses, both from CMA and RBA and can now further grow their regulated products portfolio to include;
- Fund management services for retirement benefits schemes
- Registering an umbrella retirement benefits scheme, which will target organizations that do not have an occupational retirement benefits scheme or do not have the capacity to start one and give them an opportunity to regularly save for their retirement
- Registering a personal retirement benefits scheme that will give self employed individuals an opportunity to regularly save for their retirement
Mr. Maurice Oduor, Principal Officer, Cytonn Asset Managers noted that “Despite the retirement benefits assets under management growing to about Kshs 1.2 trillion as of June 2018, only 15% of Kenyans belong to a registered pension scheme and there is a vast opportunity to increase this. With this license, we look forward to adding value to the retirement benefits industry by reaching more Kenyans and enabling them to save for their retirement and securing their future. We also expect to greatly enhance the returns that pensioners can access by educating and offering our alternative investment products to schemes”
Cytonn Asset Managers Limited has already entered into the regulated business space following the acquisition of Seriani Asset Managers Limited that has a collective Investments scheme compromising of a Money Market Fund, an Equity Fund and a Balanced Fund.