CMA approves new funds, licences to deepen capital markets

Capital Markets Authority (CMA) has approved new investment funds and licences for market intermediaries, expanding investor choice and strengthening Kenya’s capital markets.

PWBy: Ian
IN BRIEF:
  • CMA approved new Britam and Zimele unit trust funds covering multi-asset, global equities, money market, fixed income and goal-based savings products.
  • CMA upgraded Kestrel Capital to a broker-dealer and licensed Hass Crest Capital, Livonna Advisory Partners and Liaison Wealth as a fund manager, investment adviser and corporate trustee, respectively.
Capital Markets Authority(CMA) has approved new investment funds and licences for market intermediaries, expanding the range of products and services available to investors and businesses.
The regulator has authorized Britam Asset Managers to register two sub-funds under its existing Britam Unit Trust Funds umbrella: the Britam Multi Asset Special Fund (KES) and the Britam Enhanced Global Equities Special Fund (USD).
The multi-asset fund will invest across local and global equities, fixed income and alternative assets, while the global equities fund will give investors shilling-denominated exposure to international equity markets without directly holding foreign currency accounts.
CMA has also approved additional sub-funds and classes under the Zimele Unit Trust Funds, including the Zimele USD Money Market Fund, Zimele USD Fixed Income Fund, Zimele Fixed Income Fund, Zimele Education Plan and Zimele Saving Plan.
The approvals broaden Zimele’s shilling- and dollar-denominated products and add goal-based savings options for retail and institutional investors.
Britam Asset Managers (Kenya) has further received approval to register the Green Investment Fund LLP, an alternative investment fund targeting growth-stage green and greening micro, small and medium-sized enterprises in Kenya and the East African Community.
The fund will back businesses involved in climate mitigation, adaptation and resilience through direct equity, mezzanine financing, quasi-equity and other flexible financing structures.
CMA approved a series of licences aimed at expanding the capacity of capital markets intermediaries.
Kestrel Capital (East Africa) received approval to upgrade its stockbroker licence to a broker-dealer licence, allowing it to expand into proprietary and fixed-income trading, securities placement, liquidity provision and the promotion and arrangement of securities issuances.
Hass Crest Capital was granted a fund manager licence and will operate as a Sharia-compliant fund manager focused on Sukuk structuring, asset management, investment advisory, structured investment solutions and alternative investments.
The regulator also granted an investment adviser licence to Livonna Advisory Partners, which will provide services including strategic asset allocation, portfolio construction, manager selection, capital markets and alternative investment advisory, with a focus on high-net-worth individuals, family offices and institutional investors.
Liaison Wealth received a corporate trustee licence, allowing it to provide fiduciary oversight and safeguarding of assets within collective investment schemes.
The approvals come as CMA seeks to widen the investment products available to Kenyan savers beyond traditional money market and fixed-income funds. The regulator said the new products would support greater market depth, product diversity and investor choice.

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