Cytonn Will Now Manage Pensions
Cytonn Asset Managers Ltd (CAML) says it has been registered and authorized by the Retirement Benefits Authority (RBA) to manage retirement benefit schemes funds.
The Capital Markets Authority (CMA) also licensed CAML in March 2018.
The Cytonn arm explained it will “further grow its regulated products portfolio to include fund management services for retirement benefits schemes” following the nods.
“Despite the retirement benefits assets under management growing to about Sh1.2 trillion as of June 2018, only 15 percent of Kenyans belong to a registered pension scheme and there is a vast opportunity to increase this,” stated Cytonn Asset Managers principal officer Maurice Oduor.
“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.”
Cytonn Asset Managers earlier acquired Seriani Asset Managers Ltd.
According to Zamara, a pension fund administrator, pension funds only earned 9% p.a in the last year. The entry of Cytonn into the pensions industry brings high yielding products earning up to 18 percent per annum into the industry.
Cytonn boasts of a rich real estate portfolio with high-end investments across Kenya.
In December, the firm debuted two high-end real estate projects; the Amara Ridge, Karen, and The Alma.
Cytonn's projects have for a while now delivered high-quality apartments peaceful, tranquil environments away from the bustle and noise of city life.